S.L. 403.17 Art. 11Supervision of group solvency.

Where the competent authority is the group supervisor of a group, the authority:

(a) shall ensure that the calculations referred to in Article 218(2) and (3) of the Solvency II Directive are carried out at least annually, by the participating insurance or reinsurance undertaking, by the insurance holding company or by the mixed financial holding company;

(b) shall conduct supervisory reviews in accordance with Articles 247 to 259 of the Solvency II Directive, to determine whether insurance or reinsurance undertakings in the group are complying with Articles 218(2) and (3) of the Solvency II Directive;

(c) shall inform the other European regulatory authorities within the college of supervisors, which shall analyse the situation of the group, as soon as a participating undertaking in the group informs the competent authority, that it is no longer in compliance with the Solvency Capital Requirement, or that there is a risk of non-compliance in the following three months;

(d) shall, where the group is not headed by an insurance undertaking or reinsurance undertaking, consult the undertakings in the group and the European regulatory authorities concerned in the supervision of the group, before identifying an undertaking other than an insurance holding company or a mixed financial holding company to supply relevant data for, and the results, of, the calculations referred to in Articles 218(2) and (3) of the Solvency II Directive;

(e) may, where there is evidence to suggest that the risk profile of the group has altered significantly since the date on which the group Solvency Capital Requirement was last reported, require a recalculation of the group Solvency Capital Requirement.