Ultimate parent undertaking at the level of the member or contracting states

(1) Where the participating insurance undertaking named in section 245(2), point 1, or the insurance holding company or mixed financial holding company named in section 245(2), point 2, is itself a subsidiary undertaking of another insurance undertaking or of another insurance holding company or mixed financial holding company with its registered office in a member or contracting state, sections 250 to 287, and section 293(1), section 298(1) and (2), section 305(1), point 1, and section 306(1), first sentence, point 1, apply only at the level of the ultimate parent company that is an insurance undertaking or an insurance holding company or a mixed financial holding company with its registered office in a member or contracting state.
(2) Where the ultimate parent company named in subsection (1), which is an insurance undertaking or an insurance holding company or a mixed financial holding company with its registered office in a member or contracting state, is a subsidiary undertaking of an undertaking subject to supplementary supervision under Article 5(2) of Directive 2002/87/EC, the group supervisory authority may, after consulting the other affected supervisory authorities, dispense with monitoring risk concentration under section 273, monitoring intra-group transactions under section 274, or both, at the level of this ultimate parent undertaking.