Prudential Regulation Authority Rulebook

14.1

1. (1) Where Solvency II undertakings in a group are subsidiary undertakings of an insurance holding company or a mixed financial holding company, the calculation of the solvency of the group must be carried out at the level of the insurance holding company or mixed financial holding company applying 7.1(2) to 12.
2. (2) For the purpose of that calculation, the insurance holding company or mixed financial holding company must be treated as if it were a Solvency II undertaking subject to the SCR Rules as regards the SCR and the Own Funds Part of the PRA Rulebook as regards the own funds eligible for the SCR, provided that the relevant insurance group undertakings remain responsible for discharging any obligations arising from the application of this sub-paragraph.

[Note: Art. 235 of the Solvency II Directive]