PART 3Groups
CHAPTER 6Measures to facilitate group supervision
Exceptions to the rule for deciding the group supervisor27
1
Notwithstanding regulation 26—
a
the PRA is the group supervisor of a group if all the supervisory authorities concerned take a joint decision that the PRA should be the group supervisor; and
b
the PRA must recognise a joint decision taken by all the supervisory authorities that a supervisory authority other than the PRA should be the group supervisor of a group.
2
The PRA may ask the other supervisory authorities concerned to consider whether—
a
the criteria specified in paragraph 2 of Article 247 of the Solvency 2 Directive are appropriate for determining which supervisory authority should be the group supervisor; and
b
a supervisory authority other than the supervisory authority satisfying those criteria should be the group supervisor.
3
The PRA may not make a request referred to in paragraph (2) more than once a year.
4
Where the supervisory authorities are considering (whether at the request of the PRA or another supervisory authority) whether the criteria are appropriate or whether a particular supervisory authority should be group supervisor—
a
the PRA must do everything in its power to reach a joint decision on the request within a period of three months commencing on the date of the request;
b
the PRA must permit the group concerned to give its opinion on the request;
c
the PRA may refer the matter to EIOPA in accordance with Article 19 of the EIOPA Regulation within a period of three months beginning with the date of the request;
d
where the matter is referred to EIOPA, the PRA must take a joint decision in accordance with any decision taken by EIOPA;
e
where the matter is not referred to EIOPA or EIOPA take no decision on such a referral, the PRA may take a joint decision with the other supervisory authorities that—
i
the criteria referred to in paragraph (2)(a) are inappropriate, taking into account the structure of the group and the relative importance of the activities of insurance undertakings and reinsurance undertakings in the different countries; and
ii
a supervisory authority other than the supervisory authority satisfying the criteria should be the group supervisor; and
f
where the joint decision designates the PRA as the group supervisor, the PRA must provide a copy of the decision to the group stating the full reasons for the decision.