(1) The supervisory authority may agree with the supervisory authorities of other member or contracting states in which a related undertaking that is also an ultimate parent undertaking at national level is located, to carry out group supervision at the level of a subgroup covering several member or contracting states. Where the affected supervisory authorities have concluded such an agreement, no group supervision takes place at the level of an ultimate parent undertaking within the meaning of section 248 located in a member or contracting state other than the subgroup.
(2) Section 248(2) to (6) applies correspondingly.
Part 5 · Groups › Chapter 1 · Supervision of insurance undertakings in a group › Section 249
Parent undertakings covering several member or contracting states
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