Competence for group supervision

(1) The group supervisory authority is competent for coordinating and exercising group supervision. The group supervisory authority is the supervisory authority of the affected member or contracting states that satisfies the criteria named in subsection (2), unless a different determination is made under section 280.
(2) Where all insurance undertakings of a group fall within the competence of a single supervisory authority, that authority is the group supervisory authority. In all other cases, the group supervisory authority is 1. where an insurance undertaking is at the head of the group, the supervisory authority competent for that undertaking, 2. where no insurance undertaking is at the head of the group, a) where the parent undertaking of an insurance undertaking is an insurance holding company or a mixed financial holding company, the supervisory authority competent for that insurance undertaking, b) where at least two insurance undertakings with their registered office in a member or contracting state have as their parent undertaking one and the same insurance holding company or mixed financial holding company, and one of these undertakings was authorised in the member or contracting state in which the insurance holding company or mixed financial holding company has its registered office, the supervisory authority of the insurance undertaking authorised in that member or contracting state, c) where at least two insurance holding companies or mixed financial holding companies with their registered office in different member or contracting states are at the head of the group, and an insurance undertaking is located in each of these member or contracting states, the supervisory authority competent for the insurance undertaking with the largest balance sheet total, d) where at least two insurance undertakings with their registered office in a member or contracting state have as their parent undertaking one and the same insurance holding company or mixed financial holding company, and none of these undertakings was authorised in the member or contracting state in which the insurance holding company has its registered office, the supervisory authority competent for the insurance undertaking with the largest balance sheet total, and e) where the group has no parent undertaking, or another case not named in letters a to d exists, the supervisory authority that authorised the insurance undertaking with the largest balance sheet total.