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There is a brief discussion of the two modelling frameworks in An Introduction to Economic Capital by Mohan Bhatia in the "Insurance Risk" chapter. To pull a quote from the "Solvency II versus Basel II" section of that chapter: Like the regulatory approach to internal models in Basel II, Solvency II aims to bring the internal modelling approaches ...


Your link refers to a paper that compares the Standard Formula (prescribed approach to SII calculations) and Internal Models (where companies apply to use their own approach for deriving capital requirements). It is an old paper (2009). My suggestion would be to start by taking a look at the latest Technical Specs (30th April 2014) and navigate any ...

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