S.L. 403.17 Art. 35Group supervisor.

(1) The group supervisor designated from among the competent authority and the European regulatory authorities concerned, shall be responsible for coordination and exercise of group supervision.

(2) Where the competent authority is the supervisor of all the insurance undertakings and reinsurance undertakings in a group, the competent authority shall be the group supervisor of the group.

(3) In all other cases and subject to Article 247(3) of the Solvency II Directive:

(a) where the group is headed by an authorised insurance undertaking or an authorised reinsurance undertaking, the competent authority shall be the group supervisor of the group;

(b) where the group is not headed by an insurance or reinsurance undertaking, the competent authority is the group supervisor of a group in any of the following circumstances:

(i) where an insurance undertaking or reinsurance undertaking has an insurance holding company or a mixed financial holding company as a parent, and the competent authority has authorised that insurance undertaking or reinsurance undertaking;

(ii) where the group contains two or more insurance undertakings or reinsurance undertakings which have their head offices in Member States or EEA States, and such undertakings have the same insurance holding company or mixed financial holding company as a parent, and one of such undertakings has been authorised by the competent authority, and the insurance holding company or mixed financial holding company has its head office in Malta;

(iii) where the group is headed by two or more insurance holding companies or mixed financial holding companies which have their head offices in different Member States or EEA States, and there is an insurance undertaking or reinsurance undertaking in the group in each of those Member States or EEA States, and the competent authority has authorised the insurance undertaking or reinsurance undertaking with the largest balance sheet total;

(iv) where two or more insurance undertakings or reinsurance undertakings which have their head offices in Member States or EEA States, have the same insurance holding company or mixed financial holding company as their parent, and none of those undertakings has been authorised in the Member State or EEA State in which the insurance holding company or mixed financial holding company has its head office, and the competent authority has authorised the insurance undertaking or reinsurance undertaking with the largest balance sheet total; or

(v) where the group is a group without a parent undertaking, or in any circumstances not referred to in sub-paragraphs (i) to (iv), and the competent authority has authorised the insurance undertaking or reinsurance undertaking with the largest balance sheet total.

(4) Where another European regulatory authority has been designated as the group supervisor in accordance with Article 247 of the Solvency II Directive, the competent authority shall recognise that supervisory authority as the group supervisor of the group.