Solvency II partial internal model

Hi,
I would like to ask that:
1. How does the extent of effort in meeting 6 standards of regulatory model approval (use test, statistical quality, calibration, profit & loss attribution, validation & documentation) differ from a full internal model?
2. What are the integration options of partial internal model and their practicality? I am not looking for a very detailed treatment of this topic but more on high level understanding of realistic options available because I am unable to find more information for this topic than some regulatory texts which can be vastly different over time. What is the historic development that I have missed out?

Thank you.

 

Hi,
Sorry for the confusion. Let me rephrase my second questions as follows. Let say an insurer uses its own "joint" stochastic model on lapse risk sub-module under underwriting risk module & equity risk sub-module under market risk module. "Joint" here means insurer will model interaction between the 2 risks & hence their diversification effect, let say to accommodate for dynamic lapses of savings policies. All other risks are modeled using standard formula approach.

In this case, how would the insurer aggregates the solvency capital requirements (SCR) of lapse risk & equity risk with SCR of other risks? The concern here is that some values in the correlation matrix at sub risk-module & risk-module under standard formula approach may be inappropriate.

Thank you