S.L. 403.17 Art. 10Frequency of calculation.

(1) The group solvency calculations referred to in regulation 9(2) and (3), shall be carried out at least annually by the participating insurance or reinsurance undertaking referred to in regulation 9(2), by the insurance holding company or by the mixed financial holding company referred to in regulation 9(3).

(2) The relevant data for, and the results of, the calculations referred to in regulation 9(2) and (3) shall be submitted to the group supervisor:

(a) by the participating insurance or reinsurance undertaking referred to in regulation 9(2); or

(b) by the insurance holding company or the mixed financial holding company referred to in regulation 9(3), or by such other undertaking in the group as may be identified by the group supervisor, after consulting the competent authority, the European regulatory authorities concerned and the group itself, where the group is not headed by an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking or a European reinsurance undertaking.

(3) (a) The authorised insurance undertaking and authorised reinsurance undertaking referred to in regulation 9(2), and the insurance holding company and mixed financial holding company, referred to in regulation 9(3) shall monitor the group Solvency Capital Requirement on an ongoing basis.

(b) Where the risk profile of the group deviates significantly from the assumptions underlying the last reported group Solvency Capital Requirement, the group Solvency Capital Requirement shall be recalculated without delay and reported to the group supervisor.