S.L. 403.17 ст. 33Supervision of risk concentration and supervision of intra-group transactions.

(1) Supervision of the risk concentration at group level and supervision of intra-group transactions shall be exercised in accordance with sub-regulations (2) and (3), regulation 34 and

Articles 247 to 259 of the Solvency II Directive.

(2) Subject to sub-regulation (4), an authorised insurance undertaking, an authorised reinsurance undertaking, an insurance holding company and a mixed financial holding company, shall report, on a regular basis, and at least annually to the group supervisor:

(a) any significant risk concentration at the level of the group, unless regulation 5(b) applies;

(b) all significant intra-group transactions by authorised insurance undertakings, authorised reinsurance undertakings, European insurance undertakings and European reinsurance undertakings, within a group, including those performed with a natural person with close links to an undertaking in the group, unless regulation 5(b) applies; in addition, where an intra-group transaction is very significant, it shall be reported as soon as practicable.

(3) The risk concentrations and intra-group transactions referred to in sub-regulation (2), shall be subject to supervisory review by the group supervisor.

(4) The necessary information referred to in sub-regulation (2)(a) and (b) shall be submitted to the group supervisor:

(a) by the authorised insurance undertaking or authorised reinsurance undertaking which is at the head of the group; or

(b) where the group is not headed by an authorised insurance undertaking or an authorised reinsurance undertaking, by the insurance holding company, or by the mixed financial holding company, or by the authorised insurance undertaking, authorised reinsurance undertaking, European insurance undertaking or European reinsurance undertaking in the group, as may be identified by the group supervisor, after consulting the competent authority, the other European regulatory authorities concerned and the group.

(5) Where the competent authority is the group supervisor of a group, the authority shall:

(a) carry out a supervisory review of the risk concentrations and intra-group transactions;

(b) identify, taking into account the specific group and risk management structure of the group, the type of risks and intra-group transactions which insurance and reinsurance undertakings, in the group, shall report to the competent authority in all circumstances;

(c) impose appropriate thresholds based on solvency capital requirements, technical provisions, or both, in order to identify which significant risk concentrations and significant intra-group transactions shall be reported;

(d) where the group is not headed by an insurance or reinsurance undertaking, identify the insurance holding company, mixed financial holding company, authorised insurance undertaking, authorised reinsurance undertaking, European insurance undertaking or European reinsurance undertaking, in a group, responsible for submitting the information required under Articles 244(2) and 245(2) of the Solvency II Directive;

(e) review the risk concentrations of a group and intra-group transactions at group level, and in particular monitor the possible risk of contagion within the group, the risk of a conflict of interests and the level or volume of risks.

(6) The competent authority shall consult the group and the other European regulatory authorities concerned in the supervision of the group whilst carrying out the activities referred to in sub-regulation (5)(b) to (d).

(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, and the competent authority is consulted by the group supervisor in relation to the supervision of risk concentration at group level or the reporting of intra-group transactions, the competent authority shall, when giving its opinion about the type of risks to be reported, take into account the specific group and risk management structure of the group.