View from the top: The approved model
The Australian capital requirements and the Dutch pension funds experience show that few insurance companies have achieved the Holy Grail of an approved internal model. However, as Solvency II approaches, insurers are looking beyond the standard formula to calculate and drive down their capital requirements.
It certainly makes sense to create a partial internal model for reinsurance as the difference in benefit between standard formula and an internal model can be significant.
Let's take a look at an
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