[F1Parent undertakings outside the United Kingdom: levelsU.K.
36A.—(1) Where the parent undertaking of an insurance undertaking or reinsurance undertaking with its head office outside the United Kingdom is itself a subsidiary of—
(a)an insurance holding company or a mixed financial holding company which has its head office in a third country, or
(b)a third-country insurance or reinsurance undertaking,
regulation 35 only applies at the level of the ultimate parent undertaking which is a third-country insurance holding company, a third-country mixed financial holding company, a third-country insurance undertaking or a third- country reinsurance undertaking.
(2) The PRA may, in the absence of equivalent supervision referred to in regulation 35, carry out a new verification of equivalence at a lower level where a parent undertaking of insurance or reinsurance undertakings exists, whether at the level of a third-country insurance holding company, a third country mixed financial holding company, a third-country insurance undertaking or a third-country reinsurance undertaking.
(3) Where paragraph (2) applies, regulation 35 applies with any necessary changes at that lower level.
(4) Where paragraph (2) applies, the PRA must explain its decision to the group to which the insurance undertaking or reinsurance undertaking belongs.]
Textual Amendments
F1Reg. 36A inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(22) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))