Scope of group supervision

(1) Group-wide supervision under section 245 does not include supervision at the individual level of the third-country insurance undertaking, the insurance holding company, the mixed financial holding company, or the mixed insurance holding company. Section 293 remains unaffected.
(2) The group supervisory authority may determine that an undertaking is not included in group supervision under section 245 where 1. the undertaking is located in a third country where legal obstacles stand in the way of transmitting the necessary information; section 260 remains unaffected, 2. the undertaking to be included is only of minor significance in relation to the objectives pursued by group supervision, or 3. the inclusion of the undertaking would be inappropriate or misleading in relation to the objectives pursued by group supervision. Where several undertakings of the same group could, viewed individually, be excluded from group supervision under the first sentence, point 2, they must nevertheless be included where, viewed as a whole, they are not of minor significance. Where the group supervisory authority is of the view that an insurance undertaking should not be included in group supervision under the first sentence, point 2 or 3, it consults the other affected supervisory authorities before making a decision.
(3) All undertakings of the group subject to group supervision are responsible for complying with the requirements under Part 5 of this Act, unless this Act determines otherwise.
(4) The undertaking at the head of a group is obliged, on the request of the supervisory authority that is competent, in the respective member or contracting state, for an insurance undertaking not included in group supervision under subsection (2), first sentence, point 2 or 3, to provide all information requested to facilitate supervision.