S.L. 403.17 Art. 36Exceptions to the rule for deciding the group supervisor.

(1) Notwithstanding regulation 35:

(a) the competent authority is the group supervisor of a group, if all the supervisory authorities concerned take a joint decision that the competent authority shall be the group supervisor; and

(b) the competent authority must recognise a joint decision taken by all the supervisory authorities concerned that a supervisory authority other than the competent authority shall be the group supervisor of a group.

(2) The competent authority may request the other supervisory authorities concerned to consider whether:

(a) the criteria specified in Article 247(2) of the Solvency II Directive are appropriate for determining which supervisory authority shall be the group supervisor; and

(b) a supervisory authority other than the supervisory authority satisfying those criteria shall be the group supervisor.

(3) The competent authority may make a request referred to in sub-regulation (2) not more than once a year.

(4) Where the supervisory authorities responsible for the supervision of an insurance or reinsurance undertaking are considering, at the request of the competent authority or of another supervisory authority, whether the criteria are appropriate or whether a particular supervisory authority shall be the group supervisor:

(a) the competent authority shall do everything in its power to reach a joint decision on the request within a period of three months commencing on the date of the request;

(b) the competent authority shall permit the group concerned to give its opinion on the request;

(c) the competent authority may refer the matter to EIOPA, in accordance with Article 19 of Regulation

(EU) No 1094/2010, within a period of three months commencing with the date of the request;

(d) where the matter is referred to EIOPA, the competent authority shall take a joint decision in accordance with any decision taken by EIOPA, and where the competent authority is designated as group supervisor of a group, the competent authority shall submit the joint decision to the group and to the college of supervisors stating the full reasons;

(e) where the matter is not referred to EIOPA or EIOPA takes no such decision on such a referral, the competent authority may take a joint decision with the other European regulatory authorities that:

(i) the criteria referred to in Article 247(2) of the Solvency II Directive are inappropriate, taking into account the structure of the group and the relative importance of the activities of authorised insurance undertakings, authorised reinsurance undertakings, European insurance undertakings, and European reinsurance undertakings, in the different countries; and

(ii) a supervisory authority, other than the supervisory authority satisfying the criteria, shall be the group supervisor; and

(f) where the joint decision designates the competent authority as the group supervisor of a group, the competent authority shall submit the joint decision to the group and to the college of supervisors stating the full reasons.

(5) In the absence of a joint decision referred to in sub-regulation (4), the task of the group supervisor shall be exercised by the supervisory authority identified in accordance with Article 247(2) of the Solvency II Directive.