S.L. 403.17 ст. 44Parent undertakings outside the Union: verification of equivalence.

(1) In the case referred to in regulation 3(2)(c), the competent authority shall verify whether an authorised insurance undertaking and authorised reinsurance undertaking, the parent undertaking of which has its head office in a third country is subject to supervision, by an overseas regulatory authority which is equivalent to that set out in Articles 212 to 266 of the Solvency II Directive, on the supervision at the level of the group of insurance and reinsurance undertakings referred to in Article 213(a) and (b) of the Solvency II Directive.

(2) Where no delegated act has been adopted in accordance with Articles 260(2), (3) and (5) of the Solvency II Directive, the verification referred to in sub-regulation (1), shall be carried out by the competent authority, which would be the group supervisor if the criteria set out in Article 247(2) of the Solvency II Directive were to apply (the "acting group supervisor"), at the request of the parent undertaking or of any of the authorised insurance undertakings, authorised reinsurance undertakings, European insurance undertakings or European reinsurance undertakings, or on its own initiative.

(3) Where the competent authority, is the acting group supervisor, the authority:

(a) shall, with the assistance of EIOPA, consult the supervisory authorities concerned before taking a decision on equivalence;

(b) shall, where applicable, take a decision on equivalence in accordance with the criteria set out in any delegated act adopted by the European Commission pursuant to Article 260(2) of the Solvency II Directive;

(c) shall not take any decision in relation to a third country that is in opposition to any previous decision taken vis-à-vis that third country, except where it is necessary to take into account significant changes to the supervisory regime laid down in Title I of the Solvency II Directive and to the supervisory regime in the third country; and

(d) shall notify its decision to the supervisory authorities concerned.

(4) Where the competent authority is not the acting group supervisor and disagrees with the decision on equivalence taken by the acting group supervisor in accordance with the third sub-paragraph of Article 260 of the Solvency II Directive, it may refer the matter to EIOPA and request its assistance in accordance with Article 19 of Regulation (EU) No 1094/2010, within three months after notification of that decision by the acting group supervisor.

(5) Where a delegated act determining that the prudential regime of a third country is temporarily equivalent, is adopted in accordance with Article 260(5) of the Solvency II Directive, the competent authority shall apply regulation 45, unless there is an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking, or a European reinsurance undertaking, in the group, which has a balance sheet total that exceeds the balance sheet total of the parent undertaking situated in a third country. In that case, the task of the group supervisor shall be exercised by the acting group supervisor.