Absence of equivalence

(1) Where there is no equivalent supervision within the meaning of section 288, sections 250 to 265, 271 to 285, and 309 apply correspondingly; subsection (4) remains unaffected. The general principles and calculation methods laid down in sections 250 to 265 and 271 to 285 must be applied at the level of the insurance holding company, the mixed financial holding company, or the third-country insurance undertaking.
(2) Where the parent undertaking is an insurance holding company or a mixed financial holding company, it is treated, exclusively for the purpose of calculating group solvency, as an insurance undertaking. The Solvency Capital Requirement is calculated in accordance with section 257; the own funds that may be used to comply with the Solvency Capital Requirement are determined under Part 2, Chapter 2, Division 2, Subdivision 1.
(3) Where the parent undertaking is a third-country insurance undertaking, it is treated, exclusively for the purpose of calculating group solvency, as an insurance undertaking. The Solvency Capital Requirement is calculated in accordance with section 258; the own funds that may be used to comply with the Solvency Capital Requirement are determined under Part 2, Chapter 2, Division 2, Subdivision 1.
(4) After consulting the other affected supervisory authorities, the supervisory authority may, with the consent of the group supervisory authority, use methods other than those laid down in sections 250 to 265 and 271 to 285, where these ensure adequate supervision of the group's insurance undertakings. It may in particular require the establishment of an insurance holding company or a mixed financial holding company with its registered office in the European Community, and apply the provisions on group supervision to the group's insurance undertakings headed by this insurance holding company or mixed financial holding company. Only methods that serve to achieve the objectives of group supervision may be chosen. The supervisory authority must inform the other affected supervisory authorities and the European Commission of the methods chosen.
(5) Section 289(2) applies to cooperation with the supervisory authorities of the third country.