Substituted by Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate (Text with EEA relevance).

http://www.legislation.gov.uk/eudr/2009/138/article/214Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)Directive 2009/138/EC of the European Parliament and of the CouncilDirective 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)2020-12-12King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0138-20190113texttext/xmlen2019-01-13<num>TITLE III</num><heading>SUPERVISION OF INSURANCE AND REINSURANCE UNDERTAKINGS IN A GROUP</heading><chapter eId="title-III-chapter-I"><num>CHAPTER I</num><heading>Group supervision: definitions, cases of application, scope and levels</heading><section eId="title-III-chapter-I-section-2"><num>Section 2</num><heading>Cases of application and scope</heading><article eId="article-214" uk:target="true"><num>Article 214</num><heading>Scope of group supervision</heading><paragraph eId="article-214-1"><num><ins class="substitution first" ukl:ChangeId="O001001M003" ukl:CommentaryRef="c000001"><noteRef uk:name="commentary" href="#c000001" class="commentary"/>1.</ins></num><content><p> <ins class="substitution last" ukl:ChangeId="O001001M003" ukl:CommentaryRef="c000001">The exercise of group supervision in accordance with Article 213 shall not imply that the supervisory authorities are required to play a supervisory role in relation to the third-country insurance undertaking, the third-country reinsurance undertaking, the insurance holding company, the mixed financial holding company or the mixed-activity insurance holding company taken individually, without prejudice to Article 257 as far as insurance holding companies or mixed financial holding companies are concerned.</ins> </p></content></paragraph><paragraph eId="article-214-2"><num>2.</num><intro><p>The group supervisor may decide on a case-by-case basis not to include an undertaking in the group supervision referred to in Article 213 where:</p></intro><level class="para1"><num>(a)</num><content><p>the undertaking is situated in a third country where there are legal impediments to the transfer of the necessary information, without prejudice to the provisions of Article 229;</p></content></level><level class="para1"><num>(b)</num><content><p>the undertaking which should be included is of negligible interest with respect to the objectives of group supervision; or</p></content></level><level class="para1"><num>(c)</num><content><p>the inclusion of the undertaking would be inappropriate or misleading with respect to the objectives of the group supervision.</p></content></level><wrapUp><p>However, where several undertakings of the same group, taken individually, may be excluded pursuant to point (b) of the first subparagraph, they must nevertheless be included where, collectively, they are of non-negligible interest.</p><p>Where the group supervisor is of the opinion that an insurance or reinsurance undertaking should not be included in the group supervision under points (b) or (c) of the first subparagraph, it shall consult the other supervisory authorities concerned before taking a decision.</p><p>Where the group supervisor does not include an insurance or reinsurance undertaking in the group supervision under point (b) or (c) of the first subparagraph, the supervisory authorities of the Member State in which that undertaking is situated may ask the undertaking which is at the head of the group for any information which may facilitate their supervision of the insurance or reinsurance undertaking concerned.</p></wrapUp></paragraph></article></section></chapter>
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