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Valid from 01/01/2016
18.—(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).