Duties of group supervisor ...U.K.
This section has no associated Explanatory Memorandum
28.—(1) [Subject to paragraph (3), paragraph (2) applies] where the PRA is the group supervisor [of a type of group referred to in regulation 9A(a) or (b)] , ....
(2) The PRA must—
(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)conduct supervisory reviews and assessments of the financial situation of the group;
(c)assess the group's compliance with the rules on solvency, risk concentration and intra-group transactions ...;
(d)assess the group's system of governance in accordance with regulation 25;
(e)assess whether the members of the administrative, management or supervisory body of the participating undertakings in the group [are fit and proper to carry out their functions];
(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g)[determine applications for] an internal model at group level as set out in regulation 49;
(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(i)carry out the other tasks, measures and decisions assigned to the group supervisor by the [United Kingdom law which implemented the] Solvency 2 Directive.
[(3) Where the PRA is required to rely on supervision exercised by a supervisory authority in a third country which has a prudential group supervision regime determined as equivalent in accordance with regulation 35, the PRA may determine that paragraph (2)—
(a)does not apply; or
(b)applies with only such modifications as may be specified in the determination.
(4) The PRA may not give a determination under paragraph (3) unless it is satisfied that —
(a)compliance by insurance or reinsurance undertakings in the group with rules or requirements imposed by the PRA pursuant to paragraph (2) would be unduly burdensome; and
(b)the determination would not adversely affect the advancement of any of the PRA’s objectives.
(5) The PRA may revoke or vary a determination given under paragraph (3).]
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
Modifications etc. (not altering text)