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 the UK or Gibraltar, then 4 to 19 apply only at the level of the ultimate Solvency II undertaking, insurance holding company, or mixed financial holding company in the group which has its head office in the UK or Gibraltar.

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

3.2

The changes to this rule are effective from 23:00 on 31/12/2020.

If the PRA makes a decision to undertake group supervision at national level in accordance with Regulation 13 of the Solvency 2 Regulations then 4 to 19 apply with any necessary changes, subject to the relevant requirements of Regulations 13, 14 and 16 of the Solvency 2 Regulations 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.