Close menu

Application provision

2.1 This Part applies at the level of the group to types of groups where:

2.1

01/01/2016

2.2

01/01/2016

Where, in accordance with 2.1, this Part applies at the level of a group, that group consists of all undertakings within the relevant group, subject to 2.3 and 3 and provided that:

  1. (1) where 2.1(1) applies, the definition of a group must be applied to the participating Solvency II undertaking, its subsidiary undertakings, the undertakings in which it holds a participation and undertakings to which it is linked by an Article 12(1) relationship or, where applicable, to the undertakings in a mutual-type group;
  2. (2) where 2.1(2) applies, the definition of a group must be applied to the insurance holding company or mixed financial holding company, its subsidiary undertakings, the undertakings in which it holds a participation and undertakings to which it is linked by an Article 12(1) relationship or, where applicable, to the undertakings in a mutual-type group;
  3. (3) where 2.1(3) applies, the definition of a group must be applied to the insurance holding company or mixed financial holding companythird country insurance undertaking or third country reinsurance undertaking (as applicable), its subsidiary undertakings, the undertakings in which it holds a participation and undertakings to which it is linked by an Article 12(1) relationship or, where applicable, to the undertakings in a mutual-type group; and
  4. (4) where 2.1(4) applies, the definition of a group must be applied to the mixed activity insurance holding company, its subsidiary undertakings, the undertakings in which it holds a participation and undertakings to which it is linked by an Article 12(1) relationship or, where applicable, to the undertakings in a mutual-type group.

Additional Notes


[Note: Art. 213(2) of the Solvency II Directive]

2.3

01/01/2016

Where the PRA as group supervisor has granted a waiver or where a supervisory authority which is the group supervisor has decided, in accordance with Article 214 of the Solvency II Directive, not to include an undertaking in the group supervision referred to in 2.1:

  1. (1) that undertaking must be excluded from the group for the purposes of 2.1; and
  2. (2) if that undertaking is a firm and is excluded because:
    1. (a) it is of negligible interest with respect to the objectives of group supervision; or
    2. (b) its inclusion would be inappropriate or misleading with respect to the objectives of group supervision,

the firm which is at the head of the group of which that firm would otherwise be a part, or any other firm which is a member of the group must provide any information in relation to the excluded firm that the PRA may require to facilitate the supervision of the excluded firm.

Additional Notes


[Note: Art. 214(2) of the Solvency II Directive]

2.4

01/01/2016

The provisions of the Solvency II Firms Sector of the PRA Rulebook concerning the supervision of firms (or the Solvency II EEA implementing measures in relation to Solvency II undertakings which are members of a group for which the PRA is the group supervisor) taken individually continue to apply to those undertakings, except where otherwise provided under this Part.

Additional Notes


[Note: Art. 213(1) of the Solvency II Directive]