S.L. 403.17 Art. 37Rights and duties of the group supervisor and the other supervisors (College of supervisors).

(1) Where the competent authority is the group supervisor of a group, the authority shall, in order to facilitate the exercise of the group supervision tasks, carry out the functions referred to in article 32B(3) of the Act.

(2) In order to facilitate the exercise of the tasks referred to in sub-regulation (1), the competent authority shall establish and chair a college of supervisors comprising:

(a) the competent authority;

(b) the supervisory authorities of the Member States or EEA States in which the head office of every subsidiary undertaking in the group is situated; and

(c) EIOPA.

(3) The competent authority as group supervisor:

(a) shall permit the European regulatory authorities of significant branches and related undertakings to participate in the college of supervisors, provided that their participation is limited to achieving an efficient exchange of information;

(b) shall ensure that the processes for cooperation, exchange of information and consultation between the competent authority and the other European regulatory authorities that are members of the college of supervisors, are effectively applied in accordance with Articles 212 to 266 of the Solvency II Directive, with a view to promoting the convergence of their respective decisions and activities;

(c) may agree with the other European regulatory authorities concerned that some activities of the college of supervisors be carried out by a reduced number of European regulatory authorities where the effective functioning of the college of supervisors requires it;

(d) shall, without prejudice to any measure adopted pursuant to the Solvency II Directive, conclude coordination arrangements with the other European regulatory authorities for the establishment and functioning of the college of supervisors.

(4) The coordination arrangements referred to in sub-regulation (3)(d):

(a) shall specify the procedures for:

(i) the decision-making process among the supervisory authorities concerned in accordance with Articles 231, 232 and 247 of the Solvency II Directive;

(ii) consultation under Articles 218(5) and 248(4) of the Solvency II Directive; and

(b) may, in addition, set out procedures for:

(i) consultation among the supervisory authorities concerned, in particular as referred to in Articles 213 to 217, 219 to 221, 227, 244 to 246, 250, 256, 260 and 262 of the Solvency II Directive;

(ii) cooperation with other supervisory authorities.

(5) Without prejudice to the rights and duties allocated by the Solvency II Directive, the coordination arrangements may entrust additional tasks to:

(a) the competent authority:

(i) where it is the group supervisor of a group; or

(ii) where it is one of the authorities responsible for the supervision of an individual insurance or reinsurance undertaking in a group and is not the group supervisor; or

(b) EIOPA, and, in each case, where this would result in the more efficient supervision of the group and would not impair the supervisory activities of the members of the college of supervisors in respect of their individual responsibilities.

(6) Where diverging views concerning the coordination arrangements arise:

(a) any member of the college of supervisors may refer the matter to EIOPA and request its assistance in accordance with Article 19 of Regulation (EU) No 1094/2010; and

(b) where the competent authority is the group supervisor of a group, the authority shall:

(i) where it has received advice from EIOPA, after consulting the European regulatory authorities concerned, duly consider any advice produced by EIOPA within two months of the receipt thereof, before taking its final decision;

(ii) take its final decision in conformity with EIOPA’s decision;

(iii) ensure that the decision states the full reasons and contains an explanation of any significant deviation from any advice given by EIOPA;

(iv) transmit that decision to the European regulatory authorities concerned.

(7) The competent authority as group supervisor, shall send EIOPA any information on the functioning of the college of supervisors and any difficulties encountered that are relevant for EIOPA’s reviews of the operational functioning of colleges of supervisors.