Intermediate insurance holding companies

(1) Where an insurance undertaking holds, through an insurance holding company or a mixed financial holding company, a participation in a related insurance undertaking or in a third-country insurance undertaking, the insurance holding company or mixed financial holding company is included in the calculation of group solvency. For this calculation only, the intermediate insurance holding company or intermediate mixed financial holding company is treated as an insurance undertaking to which, as regards the Solvency Capital Requirement, sections 96 to 121 apply, and, as regards eligible own funds, sections 89 to 95 apply.
(2) Subordinated liabilities and other own funds only eligible to a limited extent under section 94 of an intermediate insurance holding company or an intermediate mixed financial holding company are recognised as eligible own funds only up to the amount at which they do not exceed the limits applicable at group level. Eligible ancillary own funds of an intermediate insurance holding company or intermediate mixed financial holding company may be included in the calculation of group solvency only where they have previously been approved by the group supervisory authority.