Prudential Regulation Authority Rulebook

17.2

1. (1) Where 2.1(1) or 2.1(2) applies, a participating Solvency II undertaking that is a firm, or if there is none, the UK holding company or the relevant insurance group undertakings, must undertake at the level of the group the assessment required by Conditions Governing Business 3.8 to 3.11.
2. (2) Where the calculation of the solvency at the level of the group is carried out in accordance with method 1, the participating Solvency II undertaking, the UK holding company or the relevant insurance group undertakings (as appropriate) must provide to the group supervisor a proper understanding of the difference between the sum of the SCR of all the related Solvency II undertakings in the group and the consolidated SCR of the group.
3. (3) Where the participating Solvency II undertaking, the UK holding company or the relevant insurance group undertakings (as appropriate) so decide, and subject to the agreement of the group supervisor, they may undertake any assessments required by Conditions Governing Business 3.8 to 3.11 at the level of the group and at the level of any subsidiary undertaking in the group at the same time, and may produce a single document covering all the assessments.
4. (4) Where the group exercises the option provided in (3), it must submit the document to all supervisory authorities concerned at the same time.
5. (5) The exercise of the option provided in (3) does not exempt the subsidiary undertakings concerned from the obligation to ensure that the requirements of Conditions Governing Business 3.8 to 3.11 are met.

[Note: Art. 246(1) to (4) of the Solvency II Directive]

17.3

Reporting 2.1 to 2.4 apply with any necessary changes.

[Note: Art. 254(2) of the Solvency II Directive]

17.4

[Deleted.]