Cap. 403 Art. 32BGroup supervisor.

(1) The group supervisor of insurance and reinsurance undertakings which are part of a group, shall be responsible for co-

ordination and the exercise of group supervision.

(2) For the purposes of this Part, "group supervisor" means the supervisory authority responsible for group supervision, determined in accordance with Article 247 of the Solvency II Directive.

(3) Where the competent authority is the group supervisor, it shall, with regard to group supervision, carry out the following functions:

(a) coordination of the gathering and dissemination of relevant or essential information for going concern and emergency situations, including the dissemination of information which is of importance for the carrying out of the supervisory tasks of authorities responsible for the supervision of an individual insurance or reinsurance undertaking in the group;

(b) supervisory review and assessment of the financial situation of the group;

(c) assessment of compliance of the group with the rules on solvency and of risk concentration and intra-group transactions as set out in Articles 218 to 245 of the Solvency II Directive;

(d) assessment of the system of governance of the group, as set out in Article 246 of the Solvency II Directive, and of whether the board of directors of the participating undertaking fulfils the requirements of fitness and properness set out in Articles 42 and 257 of the Solvency II Directive;

(e) planning and coordination, through regular meetings held at least annually or through other appropriate means, of supervisory activities in going-concern as well as in emergency situations, in cooperation with the authorities responsible for the supervision of an individual insurance or reinsurance undertaking in a group, and taking into account the nature, scale and complexity of the risks inherent in the business of all undertakings that are part of the group;

(f) other tasks, measures and decisions assigned to the competent authority, as group supervisor, by the Solvency II Directive or deriving from the application of that Directive, in particular leading the process for validation of any internal model at group level as set out in Articles 231 and 233 of Solvency II Directive and leading the process for permitting the application of the regime established in Articles 237 to 240 of the said Directive.

(4) In order to facilitate the exercise of group supervision tasks, set out in sub-article (3), a college of supervisors shall be established. It shall be chaired by the competent authority where it is the group supervisor. The membership, functioning and consultation processes of the college of supervisors shall be determined by regulations or Insurance Rules.