S.L. 403.17 Art. 40Group solvency and financial condition report.

(1) A participating insurance and reinsurance undertaking, insurance holding company and a mixed financial holding company shall disclose publicly, on an annual basis, a report on the solvency and financial condition at the level of the group, and Articles 51, 53, 54 and 55 of the Solvency II Directive shall apply mutatis mutandis.

(2) A participating insurance or reinsurance undertaking, an insurance holding company or a mixed financial holding company referred to in sub-regulation (1) may, subject to the agreement of the group supervisor, provide a single report on its solvency and financial condition which shall comprise the following:

(a) the information at the level of the group to be disclosed in accordance with sub-regulation (1); and

(b) the information for any of the subsidiaries within the group, which information must be individually identifiable and must be disclosed in accordance with Articles 51, 53, 54 and 55 of the Solvency II Directive.

(3) Before an agreement is granted by the group supervisor in accordance with sub-regulation (2), the competent authority, when consulted by the group supervisor, may submit its views or make reservations.

(4) Where a subsidiary undertaking is an authorised insurance undertaking or authorised reinsurance undertaking, and such undertaking fails to include information which the competent authority requires comparable undertakings to provide, and where the omission is material, the competent authority shall have the power to require the subsidiary undertaking concerned to disclose the necessary additional information.

(5) Where the competent authority is the group supervisor of a group and the authority has received a request from a participating insurance and reinsurance undertaking, an insurance holding company or a mixed financial holding company, for such undertaking or company to be able to provide a single solvency and financial condition report, the competent authority shall consult and duly take into account any views and reservations of the other members of the college of supervisors, before agreeing to the request.