Supervision in the case of centralised risk management

(1) In deciding whether to approve an application for supervision of the solvency of a group with centralised risk management under the provisions of sections 269 and 270, and in deciding on any conditions to which the approval is subject, all affected supervisory authorities cooperate within the college of supervisors (section 283). The application must be addressed to the supervisory authority competent for the subsidiary undertaking. That authority informs the other supervisory authorities in the college of supervisors of this without delay, and forwards the complete application to them.
(2) The affected supervisory authorities should decide on the application by common agreement within three months of receipt of the complete application by all supervisory authorities.
(3) Where the supervisory authorities have reached a decision by common agreement within the meaning of subsection (2), the supervisory authority competent for the subsidiary undertaking transmits the decision to the applicant.
(4) Where no decision by common agreement is reached within three 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 supervisory authorities represented in the college of supervisors within the three-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 three-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 group supervisory authority awaits its decision. The group supervisory authority is bound, as to substance, by the decision of the European Insurance and Occupational Pensions Authority in taking its decision. 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 three-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. The decision of the group supervisory authority is recognised and implemented by the affected supervisory authorities as binding.