(72)

Article 214 is amended as follows: paragraph 1 is replaced by the following: ‘1. The exercise of group supervision in accordance with Article 213 shall not imply that the supervisory authorities are required to play a supervisory role in relation to the third-country insurance undertaking, the third-country reinsurance undertaking or the mixed-activity insurance holding company taken individually. For the sole purpose of ensuring compliance with this Title, the exercise of group supervision may imply direct supervision and the exercise of supervisory powers over insurance holding companies and mixed financial holding companies by supervisory authorities.’ ; in paragraph 2, the following subparagraph is inserted after the first subparagraph: ‘When assessing whether an undertaking is of negligible interest with respect to the objectives of group supervision pursuant to the first subparagraph, point (b), the group supervisor shall ensure that the following conditions are met: ; the size of the undertaking, in terms of total assets and of technical provisions, is small in comparison with that of other undertakings of the group and the group as a whole; the exclusion of the undertaking from the scope of group supervision would have no material impact on the group solvency; the qualitative and quantitative risks, including those stemming from intragroup transactions, that the undertaking poses or may pose to the whole group, are immaterial.’ the following paragraphs are added: ‘3. Where the exclusion of one or more undertakings from the scope of group supervision in accordance with paragraph 2 of this Article would result in a case that would not trigger the application of group supervision under Article 213(2), points (a), (b), and (c), the group supervisor shall consult EIOPA and, where applicable, other supervisory authorities concerned before taking the decision on exclusion. Such decision shall only be taken in exceptional circumstances and shall be duly justified to EIOPA and, where applicable, to the other supervisory authorities concerned. The group supervisor shall reassess at least annually whether its decision remains appropriate. Where that is no longer the case, the group supervisor shall notify EIOPA and, where applicable, the other supervisory authorities concerned that it will start exercising group supervision. Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, first subparagraph, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group. In particular, such an exclusion shall not be possible if it would result in a material improvement in the solvency position of the group. In order to ensure the coherent and consistent application of this paragraph, EIOPA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to further specify the exceptional circumstances referred to in the first subparagraph of this paragraph or the cases where it may be justified to exclude the ultimate parent undertaking, including insurance holding companies, from the scope of group supervision. 4. Without prejudice to paragraphs 2 and 3 of this Article, the scope of the group to which group supervision applies pursuant to Article 213(2) shall be identified in accordance with Article 212. Where a group subject to group supervision pursuant to Article 213(2), points (a), (b) and (c), is identified in accordance with Article 212(2) and (3), and where a parent undertaking or a subsidiary undertaking of that group is also the ultimate participating undertaking of another group within the meaning of Article 212(1), point (c), that other group shall be considered to be included within the scope of the group identified in accordance with Article 212(2) and (3). Supervisory authorities may apply Article 212(2) and (3) to extend the scope of a group within the meaning of Article 212(1), point (c). 5. Where a group identified in accordance with Article 212(3) is subject to group supervision in accordance with Article 213(2), points (a), (b) and (c), the group shall designate one of the undertakings that are managed on a unified basis as a parent undertaking which shall be responsible for complying with this Title. The other undertakings referred to in Article 212(3), first subparagraph, shall be considered to be subsidiary undertakings. 6. Where the designation of the parent undertaking in accordance with paragraph 5 of this Article would imply significant obstacles to the exercise of group supervision, in particular in cases where the head office of the undertaking is not established in the territory of the Member State of the supervisory authority acting as the group supervisor in accordance with Article 247, or where the designation would result in the inability of the group to effectively comply with this Title, Member States shall ensure that the supervisory authority acting as the group supervisor has the power to require, after consulting other supervisory authorities concerned, the designation of another parent undertaking. The decision to designate another parent undertaking shall be duly justified by the supervisory authority acting as the group supervisor to the group and to other supervisory authorities concerned. Where a group identified in accordance with Article 212(3) which is subject to group supervision in accordance with Article 213(2), points (a), (b) and (c), fails to designate a parent undertaking in accordance with paragraph 5 of this Article, the supervisory authority acting as the group supervisor in accordance with Article 247 shall designate, after consulting the other supervisory authorities concerned, a parent undertaking which will be responsible for complying with this Title. The other undertakings in such a group shall be considered to be subsidiary undertakings. When designating a parent undertaking in accordance with the first or second subparagraph of this paragraph, the supervisory authority acting as the group supervisor in accordance with Article 247 shall consider the following factors: Supervisory authorities shall assess at least annually whether the designation remains appropriate. Where this is not the case, the supervisory authority acting as the group supervisor in accordance with Article 247 shall designate another parent undertaking after consulting the other supervisory authorities concerned. That other parent undertaking shall be responsible for complying with this Title.’ ; the amount of technical provisions of each undertaking; the annual gross written premiums of each undertaking; the number of related insurance or reinsurance undertakings of each undertaking.

← (iii) · All articles · (a) →

Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.