PART 3Groups
CHAPTER 3Group Solvency
Related undertakings: calculation of group solvency18
1
This regulation applies where—
a
the PRA is the group supervisor of a group;
b
the group contains at least three insurance undertakings, reinsurance undertakings, insurance holding companies or mixed financial holding companies (“A”, “B” and “C”);
c
A and B are related undertakings;
d
A and C are related undertakings; and
e
either B or C has its head office in an EEA State other than the United Kingdom.
2
Except where paragraph (3) applies, the PRA must permit the group, in the calculation of group solvency, to take into account national laws which—
a
are adopted by that EEA State to implement the solvency capital requirement and the requirements relating to the own funds eligible to satisfy the solvency capital requirement; and
b
apply to B or C (as the case may be).
3
This paragraph applies where—
a
there is a significant change to the national laws referred to in paragraph (2); and
b
it is not in the interests of the group's policyholders to take into account the national laws referred to in paragraph (2).