# Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance), Article 116: Responsibilities of the administrative, management or supervisory bodies

Extent: E+W+S+N.I.

The administrative, management or supervisory bodies of the insurance and reinsurance undertakings shall approve the application to the supervisory authorities for approval of the internal model referred to in Article 112, as well as the application for approval of any subsequent major changes made to that model.
The administrative, management or supervisory body shall have responsibility for putting in place systems which ensure that the internal model operates properly on a continuous basis.

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Source: https://www.legislation.gov.uk/eudr/2009/138/article/116 (the official version)
Page: https://openlegislation.uk/eu-directive-2009-138/article-116
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.