S.L. 403.17 ст. 28Subsidiaries of an insurance or reinsurance undertaking: decision on the application.

(1) Where the competent authority 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, and where the subsidiary undertaking is an authorised insurance undertaking or an authorised reinsurance undertaking, an application for permission to subject that subsidiary undertaking to the rules laid down in Articles 238 and 239 of the Solvency II Directive, shall be submitted to the competent authority by its parent undertaking. The competent authority shall, without delay, inform the other members of the college of supervisors and forward the complete application to them.

(2) For the purposes of sub-regulation (1), the competent authority shall work together with other European regulatory authorities concerned, within the college of supervisors, in full cooperation, to decide whether or not to grant the permission sought and to determine the other terms and conditions, if any, to which such permission should be subjected.

(3) A joint decision by all the European regulatory authorities, including the competent authority, within the college of supervisors, shall be made within three months from the date of receipt of the complete application.

(4) Where EIOPA does not take a decision in accordance with Article 19 of Regulation (EU) No 1094/2010 and where the competent authority is the group supervisor, the competent authority shall take the final decision. The decision by the competent authority acting as group supervisor shall be recognised as determinative and shall be applied by all the regulatory authorities concerned.

(5) If, in accordance with Articles 41(2) and (3) and Articles 44(1) and (3) of Regulation (EU) No 1094/2010, the decision proposed by the panel is rejected, the final decision taken by the group supervisor shall be recognised as determinative and shall be applied by all the regulatory authorities concerned.

(6) Where the competent authority is the group supervisor of the group:

(a) if within the three-month period or before a joint decision has been reached, as referred to in Article 273 of the Solvency II Directive, any of the European regulatory authorities concerned has referred the matter to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, the competent authority shall defer its decision and await any decision that EIOPA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in conformity with EIOPA's decision. That decision shall be recognised as determinative and shall be applied by the European regulatory authorities concerned; and

(b) if, in accordance with Articles 41(2) and (3) and Articles 44(1) and (3) of Regulation (EU) No 1094/ 2010, the decision proposed by the panel is rejected, the competent authority shall take a final decision and that decision shall be recognised as determinative and shall be applied by the European regulatory authorities concerned.

(7) Where the competent authority 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:

(a) if a joint decision referred to in sub-regulation (3) has been reached, it shall provide the applicant referred to in sub-regulation (1), with the decision stating the full reasons, and such joint decision shall be recognised as determinative and shall be applied by the regulatory authorities concerned;

(b) in the absence of a joint decision in accordance with sub-regulation (3), the decision of the group supervisor with regard to the application shall be recognised as determinative and applied by all the regulatory authorities concerned.

(8) Where the competent authority is the group supervisor of a group:

(a) in the absence of a joint decision of the European regulatory authorities concerned within the three-month period set out in Article 237(2) of the Solvency II Directive, the competent authority shall take its own decision with regard to the application referred to in Article 237(1) of the Solvency II Directive;

(b) during the three-month period referred to in paragraph (a), the competent authority shall duly consider any views and reservations of the European regulatory authority concerned which authorised the subsidiary undertaking and any reservations of the other European regulatory authorities within the college of supervisors.

(9) A decision taken in accordance with sub-regulation (8), shall state the full reasons and shall contain an explanation of any significant deviation from the reservations of the other European regulatory authorities concerned, and shall provide the applicant and the other European regulatory authorities concerned with a copy of the decision taken by the competent authority, which decision shall be recognised as determinative and shall be applied by the European regulatory authorities concerned.