(1) Where it is inappropriate to calculate the Solvency Capital Requirement in accordance with the standard formula as set out in Regulations 116 to 123 because the risk profile of an insurance undertaking or reinsurance undertaking deviates significantly from the assumptions underlying the standard formula calculation, the Bank may direct the undertaking to replace a subset of the parameters used in the standard formula calculation by parameters specific to that undertaking when calculating the life, non-life and health underwriting risk modules, as set out in Regulation 117(8) to (10).

(2) Those specific parameters shall be calculated in such a way as to ensure that the undertaking complies with Regulation 114(3) to (5).

(3) A direction under paragraph (1) shall state the Bank's reasons for giving it.