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Insurance (prudential standard) determination No. 4 of 2014 - Prudential Standard GPS 113 - Capital Adequacy: Internal Model-based Method
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 4 of 2014 - Prudential Standard GPS 113 - Capital Adequacy: Internal Model-based Method.
A regulated institution may apply to APRA for approval to use the IMB Method to calculate certain elements of its prescribed capital amount, or the prescribed capital amount for some business segments, while using the Standard Method for the remaining elements or segments. APRA will consider applications that omit small or newly acquired business segments from the ECM, with Standard Method calculations for the omitted segments included in the RCM. Other partial use of the IMB Method will be approved only in exceptional circumstances.
A regulated institution must provide APRA with appropriate information, both at the time of the initial application for approval to use the IMB Method and subsequent to obtaining IMB Method approval, on any parts of the business activities of the regulated institution for which it is proposed to use the Standard Method to calculate the prescribed capital amount.