Prudential Regulation Authority Rulebook

22.1

Rules 22.2 to 22.5 apply to any UK Solvency II firm that is a member of a group for which the PRA is the group supervisor.

22.2

Where a firm is a member of a group covered by 2.1(1), 2.1(2) or, subject to 22.5, 2.1(3), the firm must also comply with Operational Resilience – Solvency II Firms 2.1 and 2.2 in relation to its important group business services.

22.3

Where a firm is a member of a group covered by 2.1(1), 2.1(2) or, subject to 22.5, 2.1(3), with the exception of Operational Resilience – Solvency II Firms 3.1(3), the firm must ensure that the strategies, processes and systems at the level of the group of which it is a member comply with the obligations set out in Operational Resilience – Solvency II Firms 3.

22.4

Where a firm is a member of a group covered by 2.1(1), 2.1(2) or, subject to 22.5, 2.1(3) the firm must ensure that the strategies, processes and systems at the level of the group of which it is a member enable the firm to assess whether important group business services at the level of the group could remain within the impact tolerance in the event of a severe but plausible disruption to its operations.

22.5

Where a firm is a member of a group covered by 2.1(3), 22.2, 22.3 and 22.4 do not apply if, subject to 22.6, the third country in which the group’s parent undertaking has its head office is assessed to be equivalent under Article 260 of the Solvency II Directive, Article 380 and 380A of the delegated act, or an equivalence determination under paragraph 12 of Schedule 1 of The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019.

22.6

22.5 does not apply where, in the case of temporary equivalence under Article 260(5) of the Solvency II Directive, there is a Solvency II undertaking in the group that has a balance sheet total that exceeds the balance sheet total of the parent undertaking situated outside of the UK and Gibraltar.