Commission Delegated Regulation (EU) 2015/35Show full title

Article 355 U.K. Coordination arrangements

1. The coordination arrangements to be concluded in accordance with Article 248(4) of Directive 2009/138/EC shall be in writing.

2. The coordination arrangements shall, with regard to both going concern and emergency situations, specify the following:

(a) the minimum information to be transmitted to the group supervisor by the other supervisory authorities in the college of supervisors or disseminated by the group supervisor to the other supervisory authorities in the college of supervisors;

(b) the language and frequency of the information to be transmitted to the group supervisor by the other supervisory authorities in the college of supervisors or disseminated by the group supervisor to the other supervisory authorities in the college of supervisors;

(c) the language and frequency of the information to be exchanged with any other authorities concerned;

(d) the obligation to adopt a work plan revised at least annually and agreed by the college of supervisors for coordinating the supervisory activities of the college in the following 12 months;

(e) an emergency plan agreed by the college of supervisors.

3. The emergency plan referred to in point (e) of paragraph 2 shall be adapted to the specific risks of the insurance or reinsurance group. It shall include provisions covering all of the following elements:

(a) recognition of the existence of a crisis;

(b) preparation of the crisis management;

(c) crisis assessment;

(d) crisis management;

(e) external communication.

4. The emergency plan shall provide that all of the following information shall be exchanged among supervisory authorities within the college of supervisors as soon as it is becomes available:

(a) a description of the emergency situation, with an indication of any impact on policyholders and on the financial markets;

(b) an identification of the undertakings in the group which are affected by the emergency situation referred to in point (a), with relevant information on their financial situation;

(c) an overview of any measures taken by the group in relation to the emergency situation referred to in point (a);

(d) an overview of any measures taken by any of the supervisory authorities concerned in relation to the emergency situation referred to in point (a) and a description of any existing national measures relevant to the management and resolution of the crisis.

5. The coordination arrangements referred to in paragraph 2 shall be regularly tested and reviewed by the college of supervisors.