PART 3Groups
CHAPTER 6Measures to facilitate group supervision
Rule for deciding the group supervisorF126
1
F3Subject to paragraphs (2) and (3), where an insurance undertaking or reinsurance undertaking that is authorised by the PRA under Part 4A of FSMA is part of a group, the PRA is the group supervisor and must supervise that group.
2
The FSC is the group supervisor and must supervise that group where the group includes a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking and—
a
the FSC was designated as the group supervisor under Article 247 of the Solvency 2 Directive before IP completion day; or
b
the PRA and the FSC have agreed that the FSC is to be the group supervisor.
F23
Nothing in this regulation requires the PRA to conduct group supervision in respect of requirements which do not apply, as may be determined by the PRA under regulation 15, 24, 25 or 28.