Internal model for the group

(1) An insurance undertaking and its related undertakings, or jointly the related undertakings of an insurance holding company or a mixed financial holding company, may apply to calculate the consolidated Solvency Capital Requirement at group level, and the Solvency Capital Requirements of the group's insurance undertakings, using an internal model. The application must be addressed to the group supervisory authority.
(2) The group supervisory authority informs the other members of the college of supervisors (section 283) without delay of receipt of the application. As soon as the application documents are complete, it forwards them without delay to the other affected supervisory authorities and other supervisory authorities involved in examining the application, and to the European Insurance and Occupational Pensions Authority. The affected supervisory authorities cooperate in deciding whether to grant the authorisation and in determining the conditions to which the granting of the authorisation is subject. The decision should be taken by common agreement. The supervisory authorities, within the scope of their powers, work towards ensuring that the decision is taken within six months of receipt of the complete application. The supervisory authorities may request the European Insurance and Occupational Pensions Authority, under Article 8(1)(b) of Regulation (EU) No 1094/2010, for technical assistance in deciding on applications.
(3) Where the supervisory authorities have reached a decision by common agreement within the meaning of subsection (2), the group supervisory authority issues the decision to the applicant.
(4) Where no decision by common agreement is reached within six months of receipt of the group's complete application, the group supervisory authority decides on the application. The group supervisory authority takes due account of all views and reservations expressed by the other affected supervisory authorities within the six-month period. The group supervisory authority issues the decision to the applicant and transmits it to the other affected supervisory authorities. The decision of the group supervisory authority is recognised and implemented by the affected supervisory authorities as binding.
(5) Where, before expiry of the six-month period named in subsection (2), one of the affected supervisory authorities has referred the matter to the European Insurance and Occupational Pensions Authority under Article 19 of Regulation (EU) No 1094/2010, the procedure before the group supervisory authority is suspended until the European Insurance and Occupational Pensions Authority decides under Article 19(3) of the Regulation. The group supervisory authority takes its decision in accordance with the decision of the European Insurance and Occupational Pensions Authority. The decision of the group supervisory authority is recognised and implemented by the affected supervisory authorities as binding.
(6) The European Insurance and Occupational Pensions Authority is not referred the matter where a joint decision has been reached, or the six-month period has expired.
(7) Where the European Insurance and Occupational Pensions Authority does not adopt a decision under Article 19(3) of Regulation (EU) No 1094/2010, the group supervisory authority takes the final decision.