Monitoring of intra-group transactions

(1) The group supervisory authority must be reported to at least once a year on all material intra-group transactions of the group's insurance undertakings, including transactions with natural persons who maintain close links with an undertaking of the group. The group supervisory authority may set a reporting cycle shorter than a year to facilitate the monitoring of intra-group transactions.
(2) Where the ultimate participating undertaking is an insurance undertaking, it reports the material intra-group transactions to the group supervisory authority. Where the ultimate participating undertaking is an insurance holding company or a mixed financial holding company, it reports the information, 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.
(3) The undertaking obliged to report must report to the group supervisory authority without delay on particularly material transactions under subsection (1).
(4) The group supervisory authority determines, after consulting the group and the other affected supervisory authorities, the types of intra-group transactions about which the group's insurance undertakings must, in every case, report. For groups active on a cross-border basis, this determination is made after consulting the other affected supervisory authorities. Section 273(3), second and third sentences, and (4), applies correspondingly.