The Solvency II Directive allows firms to elect to calculate their Solvency Capital Requirement ("SCR") by using the standard formula, an internal model or a combination of the two. In December 2009 the Financial Services Authority ("FSA") asked all insurance firms that indicated their intention to use an internal model to fill in a questionnaire relating to the three thematic topics: risk management and use test; data management; and model validation, including valuation of assets and liabilities. Between December 2009 and May 2010 the FSA visited a selection of insurance firms who indicated that they were happy to discuss one or more of the areas in the questionnaire. The FSA has now published a report which is entitled Solvency II: Internal Model Approval Process Thematic Review Findings. This report includes: (i) an explanation of the approach adopted for the thematic review; (ii) an overall summary of the results; (iii) a more detailed summary of the thematic review findings, including observed better practice; and (iv) areas for firms to consider when preparing for internal model approval.