Report on the solvency and financial condition of the group

(1) The ultimate parent undertaking at the level of the member or contracting states within the meaning of section 247 must publish a solvency and financial condition report at group level each year. Section 29(3) and sections 40 to 42 apply correspondingly.
(2) With the approval of the group supervisory authority, this undertaking is entitled to publish, for the entire group, only a single solvency and financial condition report, which, in addition to the information to be published at group level under subsection (1), also contains the information to be published under sections 40 to 42 for each subsidiary undertaking of the group, which must be individually identifiable. In this case, the obligations under the aforementioned provisions cease to apply to the individual subsidiary undertakings.
(3) Before granting the approval under subsection (2), the group supervisory authority consults the supervisory authorities of the college of supervisors and takes due account of their views.
(4) Where the supervisory authority is competent for a subsidiary undertaking of the group, and material information concerning that subsidiary undertaking is missing from the solvency and financial condition report prepared under subsection (2), it may require the subsidiary undertaking to disclose the necessary additional information.