Prudential Regulation Authority Rulebook

5.1

The calculations referred to in 4.1 and 4.2 must be carried out at least annually by the relevant insurance group undertakings.

[Note: Art. 219(1) of the Solvency II Directive]

5.2

The relevant data for, and the results of, the calculations referred to in 4.1 and 4.2 must be submitted to the group supervisor by:

1. (1) the participating Solvency II undertakings referred to in 4.1, or by any one of them, in the case of the calculations referred to in 4.1; or
2. (2) the UK holding company in the case of the calculations referred to in 4.2.
3. (3) [Deleted]

5.2A

Where there is evidence to suggest that the risk profile of the group has altered significantly since the date on which the group SCR was last reported, relevant insurance group undertakings must be able to, upon request by the group supervisor, recalculate the group SCR without delay and report it to the group supervisor.

5.3

1. (1) The relevant insurance group undertakings must monitor the group SCR on an ongoing basis.

2. (2) Where the risk profile of the group deviates significantly from the assumptions underlying the last reported group SCR, the group SCR must be recalculated without delay and reported to the group supervisor.

3. (3) [Deleted]

[Note: Art. 219(2) of the Solvency II Directive]

5.4

Where there is evidence to suggest that the risk profile of the group has altered significantly since the date on which the group SCR was last reported, relevant insurance group undertakings must be able to, upon request by the group supervisor, recalculate the group SCR without delay and report it to the group supervisor.