# Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance), Article 263: Parent undertakings outside the Community: levels

Extent: E+W+S+N.I.

Where the parent undertaking referred to in Article 260 is itself a subsidiary of an insurance holding company or a mixed financial holding company which has its head office in a third country or of a third-country insurance or reinsurance undertaking, Member States shall apply the verification provided for in Article 260 only at the level of the ultimate parent undertaking which is a third-country insurance holding company, a third-country mixed financial holding company, a third-country insurance undertaking or a third-country reinsurance undertaking.
Supervisory authorities may, however, in the absence of equivalent supervision referred to in Article 260, carry out a new verification at a lower level where a parent undertaking of insurance or reinsurance undertakings exists, whether at the level of a third-country insurance holding company, a third country mixed financial holding company, a third-country insurance undertaking or a third-country reinsurance undertaking.
In such a case, the supervisory authority referred to in the second subparagraph of Article 260(1) shall explain its decision to the group.
Article 262 shall apply mutatis mutandis.

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Source: https://www.legislation.gov.uk/eudr/2009/138/article/263 (the official version)
Page: https://openlegislation.uk/eu-directive-2009-138/article-263
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.