Duties of group supervisor F1...U.K.
28.—(1) [F2Subject to paragraph (3), paragraph (2) applies] where the PRA is the group supervisor [F3of a type of group referred to in regulation 9A(a) or (b)] , F4....
(2) The PRA must—
F5(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 F6...;
(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 [F7are fit and proper to carry out their functions];
F8(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g)[F9determine applications for] an internal model at group level as set out in regulation 49;
F10(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(i)carry out the other tasks, measures and decisions assigned to the group supervisor by the [F11United Kingdom law which implemented the] Solvency 2 Directive.
[F12(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).]
F13(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in reg. 28 title omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F2Words in reg. 28(1) substituted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(5)(a)
F3Words in reg. 28(1) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(b)(ii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F4Words in reg. 28(1) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(b)(iii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F5Reg. 28(2)(a) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(i) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F6Words in reg. 28(2)(c) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(ii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F7Words in reg. 28(2)(e) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(iii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F8Reg. 28(2)(f) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(iv) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F9Words in reg. 28(2)(g) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(v) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F10Reg. 28(2)(h) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(vi) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F11Words in reg. 28(2)(i) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(vii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F12Reg. 28(3)-(5) inserted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(5)(b)
F13Reg. 28(3)-(8) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(d) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Modifications etc. (not altering text)
C1Reg. 28(2) restricted (27.11.2020) by S.I. 2019/407, reg. 13(2) (as inserted by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 54(5))