Prudential Regulation Authority Rulebook

3.1

If the participating Solvency II undertaking or the insurance holding company or mixed financial holding company referred to in 2.1(1) or 2.1(2) is itself a subsidiary undertaking of another Solvency II undertaking or of another insurance holding company or mixed financial holding company which has its head office in an EEA State, then 4 to 19 apply only at the level of the ultimate Solvency II undertaking, insurance holding company, or mixed financial holding company iin the group which has its head office in an EEA State.

[Note: Art. 215(1) of the Solvency II Directive]

3.2

If the PRA makes a decision referred to in Article 216(1) or 217(1) of the Solvency II Directive (group supervision at national level) then 4 to 19 apply with any necessary changes, subject to Articles 216(6) and 217 of the Solvency II Directive and the following:

1. (1) group supervision of the ultimate parent undertaking at national level is restricted to those remaining rules of 4 to 19 if the firm is granted a waiver of such other sections as would otherwise apply to a group; and
2. (2) no firm in the group may introduce, in accordance with 15.1(5), an application for permission to subject any subsidiary undertakings in the group to 15.3.

[Note: Art. 216(2) and (5) and Art. 217(2) of the Solvency II Directive]