The Solvency 2 Regulations 2015

Cooperation and exchange of information between supervisory authorities

29.—(1) Where the PRA is the group supervisor of a group, the PRA must provide the other supervisory authorities concerned and EIOPA with the following information regarding the group—

(a) information received by the PRA under rules implementing the last sub-paragraph of Article 19, Article 51(1) and Article 254(2) of the Solvency 2 Directive;

(b) information regarding the legal, governance and organisational structure of the group.

(2) Where the PRA is a member of the college of supervisors for a group, the PRA must—

(a) cooperate closely with the other supervisory authorities concerned, in particular in cases where an insurance undertaking or reinsurance undertaking in the group encounters financial difficulties;

(b) provide the other supervisory authorities concerned with relevant information so as to allow and facilitate the exercise of their supervisory tasks under the Solvency 2 Directive;

(c) communicate all relevant information to the other supervisory authorities concerned without delay as soon as such information becomes available or exchange such relevant information on request; and

(d) call immediately for a meeting of all supervisory authorities concerned where—

(i) the PRA becomes aware that an individual insurance undertaking or reinsurance undertaking in the group has breached the solvency capital requirement in a significant way;

(ii) the PRA becomes aware that an individual insurance undertaking or reinsurance undertaking in the group has breached the minimum capital requirement;

(iii) the PRA becomes aware that the group has breached the solvency capital requirement at group level in a significant way; or

(iv) other exceptional circumstances occur.