S.L. 403.17 Art. 47Parent undertakings outside the Community: levels.

(1) Subject to sub-regulation (2), where the parent undertaking referred to in regulation 3(2)(c) is itself a subsidiary undertaking of:

(a) an insurance holding company which has its head office in a third country;

(b) a mixed financial holding company which has its head office in a third country;

(c) a third-country insurance undertaking; or

(d) a third-country reinsurance undertaking, the verification provided for in regulation 44 shall apply only at the level of the ultimate parent undertaking which is a third-country insurance holding company, a third-country mixed financial holding company, a third-country insurance undertaking or a third-country reinsurance undertaking.

(2) The competent authority, as the acting group supervisor, may, however, in the absence of equivalent supervision referred to in Article 260 of the Solvency II Directive, carry out a new verification at a lower level where a parent undertaking of an authorised insurance undertaking or an authorised reinsurance undertaking exists, whether at the level of a third-country insurance holding company, a third country mixed financial holding company, a third-country insurance undertaking or a third-country reinsurance undertaking.

(3) In such a case referred to in sub-regulation (2), where the competent authority is the acting group supervisor in accordance with regulation 44(2), it shall explain its decision to the group.

(4) Article 262 of the Solvency II Directive shall apply mutatis mutandis.