Level of supervision

(1) Where a parent undertaking with its registered office in a third country is itself a subsidiary undertaking of an insurance holding company or a mixed financial holding company with its registered office outside the European Economic Area, or of a third-country insurance undertaking, the review named in section 288 is carried out only at the level of the ultimate parent undertaking that is a third-country insurance holding company, a third-country mixed financial holding company, or a third-country insurance undertaking.
(2) Where equivalent supervision is absent, the supervisory authority may carry out a fresh review at a lower level in respect of a parent undertaking of insurance undertakings, regardless of whether this is a third-country insurance holding company, a third-country mixed financial holding company, or a third-country insurance undertaking. In this case, the supervisory authority named in section 288(2) explains the decision to the group. Section 290 applies correspondingly.