Exclusion of multiple use of eligible own funds

(1) Own funds eligible for the Solvency Capital Requirement may not be counted more than once among several insurance undertakings included in the calculation of group solvency. In calculating group solvency, unless the methods described in sections 261 to 265 provide otherwise, the following amounts are disregarded: 1. the value of all assets of the participating insurance undertaking that finance own funds that may be counted towards the Solvency Capital Requirement of one of its related insurance undertakings, 2. the value of all assets of an insurance undertaking related to the participating insurance undertaking that finance own funds that may be counted towards the Solvency Capital Requirement of that participating insurance undertaking, and 3. the value of all assets of an insurance undertaking related to the participating insurance undertaking that finance own funds that may be counted towards the Solvency Capital Requirement of another insurance undertaking related to that participating insurance undertaking.
(2) The following components may be included in the calculation only to the extent that they may be counted towards the Solvency Capital Requirement of the related undertaking concerned: 1. surplus funds under Article 91(2) of Directive 2009/138/EC of a related life insurance undertaking of the participating insurance undertaking for which solvency is calculated at group level, and 2. uncalled subscribed capital of a related insurance undertaking of the participating insurance undertaking for which solvency is calculated at group level.
(3) By way of derogation from subsection (2), point 2, the following components must be excluded from the calculation: 1. uncalled subscribed capital that may become a liability for the participating insurance undertaking, 2. uncalled subscribed capital of the participating insurance undertaking that may become a liability for a related insurance undertaking, and 3. uncalled subscribed capital of a related insurance undertaking that may become a liability for another insurance undertaking related to the same participating insurance undertaking.
(4) Where the affected supervisory authorities are of the view that, beyond the components named in subsections (2) and (3), certain own funds eligible for the Solvency Capital Requirement of a related insurance undertaking cannot actually be made available for complying with the Solvency Capital Requirement of the participating insurance undertaking for which group solvency is calculated, these may be included in the calculation only to the extent that they may be counted towards complying with the related undertaking's Solvency Capital Requirement.
(5) The sum of the own funds under subsections (2) to (4) may not exceed the Solvency Capital Requirement of the related insurance undertaking.
(6) Where group solvency is calculated, the eligible ancillary own funds of a related insurance undertaking of the participating insurance undertaking are included in the calculation only where the competent supervisory authority of that related insurance undertaking has approved these own funds.