Book III: Companies.

I.- Insurance and reinsurance undertakings shall hold eligible own funds covering the Solvency Capital Requirement. The Solvency Capital Requirement shall be calculated either using the standard formula or using a full or partial internal model approved by the Autorité de contrôle prudentiel et de résolution. II – The Board of Directors or the Management Board of the undertaking shall give its approval to the application for approval of the internal…

Where the application of the standard formula proves inappropriate for calculating the Solvency Capital Requirement of an insurance or reinsurance undertaking whose risk profile deviates significantly from the assumptions underlying the calculation in accordance with that formula, the Autorité de contrôle prudentiel et de résolution may, in a reasoned decision, require the undertaking concerned to use an internal model to calculate its Solvency Capital Requirement or the relevant risk modules…

I.-The Autorité de contrôle prudentiel et de résolution may, by reasoned decision, impose an additional capital requirement on insurance and reinsurance undertakings in any of the following exceptional circumstances, where it concludes from its supervisory process that : 1° The risk profile of the undertaking deviates significantly from the assumptions underlying the calculation of the Solvency Capital Requirement using the standard formula referred to in Article L. 352-1 and the…

A decree in the Conseil d’Etat shall specify the conditions of application of this section.