Frequency of calculation

(1) The Solvency Capital Requirement at group level must be calculated at least once a year by the participating insurance undertakings, the insurance holding company, or the mixed financial holding company. Where the ultimate participating undertaking is an insurance undertaking, it reports to the group supervisory authority the data and results relevant to this calculation. Where the ultimate participating undertaking is an insurance holding company or a mixed financial holding company, it reports the information under the second sentence, unless the group supervisory authority, after consulting the other affected supervisory authorities and the group, has designated an insurance undertaking as the undertaking obliged to report.
(2) The insurance undertakings, the insurance holding company, and the mixed financial holding company within the meaning of subsection (1) must continuously monitor the group's Solvency Capital Requirement. Where the group's risk profile deviates materially from the assumptions underlying the most recently reported Solvency Capital Requirement for the group, the Solvency Capital Requirement must be recalculated without delay and reported to the group supervisory authority. Where facts justify the assumption that the group's risk profile has changed materially since the last report of the Solvency Capital Requirement, the group supervisory authority may require a recalculation of the Solvency Capital Requirement.