Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) every UK Solvency II firm:
    1. (a) that is a member of a group for which the PRA is the group supervisor;
    2. (b) that is a member of a group for which a supervisory authority (other than the PRA) is the group supervisor, subject to (c) and to the extent this Part gives effect to the Solvency II EEA implementing measures in the EEA State of its group supervisor; and
    3. (c) where the group supervisor of a group of which a firm is a member is a supervisory authority in an EEA State other than the UK, the requirements of the Solvency II EEA implementing measures in that EEA State apply to the firm in relation to its capacity as a member of that group;
  2. (2) in accordance with Insurance General Application 3, the Society as a mixed activity insurance holding company, as modified by 21; and
  3. (3) a UK holding company.

3.1

01/01/2016

If the participating Solvency II undertaking or the insurance holding company or mixed financial holding company referred to in 2.1(1) or 2.1(2) is itself a subsidiary undertaking of another Solvency II undertaking or of another insurance holding company or mixed financial holding company which has its head office in an EEA State, then 4 to 19 apply only at the level of the ultimate Solvency II undertaking, insurance holding company, or mixed financial holding company iin the group which has its head office in an EEA State.

Additional Notes


[Note: Art. 215(1) of the Solvency II Directive]

3.2

01/01/2016

If the PRA makes a decision referred to in Article 216(1) or 217(1) of the Solvency II Directive (group supervision at national level) then 4 to 19 apply with any necessary changes, subject to Articles 216(6) and 217 of the Solvency II Directive and the following:

  1. (1) group supervision of the ultimate parent undertaking at national level is restricted to those remaining rules of 4 to 19 if the firm is granted a waiver of such other sections as would otherwise apply to a group; and
  2. (2) no firm in the group may introduce, in accordance with 15.1(5), an application for permission to subject any subsidiary undertakings in the group to 15.3.

Additional Notes


[Note: Art. 216(2) and (5) and Art. 217(2) of the Solvency II Directive]