Mutual consultation of supervisory authorities

(1) Before every decision that is significant for the supervisory activity of other supervisory authorities, the supervisory authority, within the college of supervisors, consults the other affected supervisory authorities on
1. approving changes in the shareholder, organisational, or management structure of an insurance undertaking of the group;
2. the decision on extending the period for recovery under section 134(3) to (6);
3. significant sanctions or exceptional supervisory measures concerning an insurance undertaking of the group. Exceptional measures within the meaning of the first sentence, point 3, are regarded in particular as including the setting of a capital add-on to the Solvency Capital Requirement and a restriction on the use of the internal model.
(2) For the purposes of subsection (1), first sentence, points 2 and 3, the group supervisory authority is always consulted. Where a decision is based on information transmitted by other supervisory authorities, the affected supervisory authorities likewise consult one another before that decision.
(3) The supervisory authority may dispense with consulting other supervisory authorities where urgency so requires, or where such consultation could impair the effectiveness of the decision. In this case, the supervisory authority informs the other affected supervisory authorities of its decision without delay.