S.L. 403.17 Art. 45Parent undertakings outside the Community: equivalence.

(1) In the event of equivalent supervision referred to in

Article 260 of the Solvency II Directive, the competent authority shall rely on the equivalent group supervision exercised by the overseas regulatory authorities, in accordance with sub-regulation (2).

(2) Articles 247 to 258 of the Solvency II Directive shall apply in relation to the cooperation with the overseas mutatis mutandis regulatory authorities.