Question ID: 264
Regulation Reference: Guidelines on group solvency
Article: 212
Status: Final
Date of submission: 14 Apr 2015
Question
Whether two companies being a Holding Company and an Insurance Undertaking are considered to be a Group for the purposes of Title III of Directive 2009/138/EC?
EIOPA answer
According to Articles 212 and 213 (2) of the Solvency II Directive, which provide the definition of a group and determine the circumstances in which Members States shall provide for supervision at the level of the group, the situations in which a group is formed include:
- Pursuant to article 213 (2) (a), when an insurance or reinsurance undertaking is a participating undertaking in at least one insurance or reinsurance undertaking; and
- Pursuant to article 213 (2) (b), when an insurance holding company or a mixed financial holding company established in the European Economic Area (which appears to be the situation described in the question) is a parent undertaking of at least one insurance or reinsurance undertaking; and
- Pursuant to article 213 (2) (c), when an insurance holding company or a mixed financial holding company established in a third-country is a parent undertaking of at least one insurance or reinsurance undertaking; and
- Pursuant to article 213 (2) (d), when a mixed-activity insurance holding company is a parent undertaking of at least one insurance or reinsurance undertaking.