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The Solvency 2 Regulations 2015
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CHAPTER 2Levels
Supervision of parents and subgroups at national level: substantive powers
13.—(1) The PRA may supervise an ultimate UK solvency 2 parent at group level in the United Kingdom where—
(a)the ultimate EEA solvency 2 parent has its head office in an EEA State other than the United Kingdom;
(b)the ultimate EEA solvency 2 parent has not obtained permission in accordance with national laws implementing Articles 237 or 243 of the Solvency 2 Directive for the UK solvency 2 parent to be subject to rules implementing Articles 238 and 239 of the Solvency 2 Directive; and
(c)the PRA is not the group supervisor.
(2) Where—
(a)the PRA is supervising an ultimate UK solvency 2 parent in accordance with paragraph (1); and
(b)the ultimate UK solvency 2 parent and an ultimate parent undertaking in an EEA State other than the United Kingdom are related undertakings,
the PRA may conclude an agreement with the supervisory authority of that EEA State to carry out group supervision at subgroup level in both the United Kingdom and the other EEA State.
(3) Where the PRA has concluded an agreement in accordance with paragraph (2)—
(a)the PRA may only carry out group supervision at the level specified in the agreement; and
(b)the PRA must explain the agreement to the group supervisor and the ultimate EEA solvency 2 parent undertaking.
(4) Where the PRA is the group supervisor of a group and supervisory authorities in other EEA States conclude an agreement to carry out group supervision at subgroup level in those EEA States, the PRA must inform the college of supervisors.
Supervision of parents and subgroups at national level: procedure
14.—(1) The PRA must follow the procedure set out in this regulation when supervising an ultimate UK solvency 2 parent under regulation 13(1) or concluding an agreement with another supervisor under regulation 13(2).
(2) Before deciding to exercise supervision or conclude such an agreement, the PRA must consult the group supervisor and the ultimate EEA solvency 2 parent.
(3) If the PRA decides to exercise supervision or conclude such an agreement, the PRA must explain its decision to both the group supervisor and the ultimate EEA solvency 2 parent.
(4) The PRA must recognise and apply any permission granted pursuant to national laws implementing Article 231 or 233(5) of the Solvency 2 Directive to the ultimate EEA solvency 2 parent to calculate the group solvency capital requirement for insurance undertakings and reinsurance undertakings in the group on the basis of an internal model.
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