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The Solvency 2 Regulations 2015
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CHAPTER 1Cases of application and scope
Risk concentration and intra-group transactions
10. Where the PRA is the group supervisor of a group, the PRA may decide not to supervise risk concentration or intra-group transactions within the group at a level specified in the first column of Table 1 where all the conditions specified in relation to that level in the second column of Table 1 are satisfied.
Table 1
| Levels at which supervision need not be exercised | Conditions to be satisfied | |
|---|---|---|
| The participating undertaking, insurance holding company and mixed financial holding company. | The group contains an insurance undertaking or reinsurance undertaking and either— | |
| (a) the parent undertaking of the insurance undertaking or reinsurance undertaking is an insurance holding company or a mixed financial holding company which has its head office in an EEA State; or | ||
(b) the insurance undertaking or reinsurance undertaking is a participating undertaking in at least one insurance undertaking, reinsurance undertaking, third-country insurance undertaking or third-country reinsurance undertaking; | ||
| The participating undertaking, insurance holding company or mixed financial holding company referred to above is, or is a related undertaking of, a regulated entity or mixed financial holding company subject to supplementary supervision in accordance with Article 5(2) of the Financial Conglomerates Directive. | ||
| The PRA has consulted the other supervisory authorities concerned in supervising the group. | ||
| The ultimate EEA solvency 2 parent. | The parent undertaking of an ultimate EEA solvency 2 parent is subject to supplementary supervision in accordance with Article 5(2) of the Financial Conglomerates Directive. | |
Equivalent provisions
11.—(1) This regulation applies where the PRA is the group supervisor of a group which includes a mixed financial holding company.
(2) Where the mixed financial holding company is subject to equivalent provision under rules and directly applicable regulations implementing the Solvency 2 Directive and the Financial Conglomerates Directive, the PRA may apply only the rules and directly applicable regulations implementing the Financial Conglomerates Directive to the mixed financial holding company.
(3) Before exercising its discretion under paragraph (2), the PRA must consult the other supervisory authorities concerned in supervising the group.
(4) Where the mixed financial holding company is subject to equivalent provisions under rules and directly applicable regulations implementing the following two sets of legislation—
(a)the Solvency 2 Directive; and
(b)the capital requirements directive and the capital requirements regulation,
the PRA may apply only the rules and directly applicable regulations implementing the set of legislation relating to the most significant sector, as determined in accordance with rules implementing Article 3(2) of the Financial Conglomerates Directive.
(5) Before exercising its discretion under paragraph (4), the PRA must obtain the agreement of the consolidating supervisor under the capital requirements directive.
Exclusion of undertaking from group supervision
12.—(1) This regulation applies where the PRA is the group supervisor of a group and the PRA is considering whether to exclude an undertaking from group supervision.
(2) The PRA must consult the other supervisory authorities concerned in the supervision of the group before deciding to exclude the undertaking from group supervision where—
(a)that undertaking is of negligible interest with respect to the objectives of group supervision; or
(b)inclusion of that undertaking would be inappropriate or misleading with respect to the objectives of group supervision.
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