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AI Summary of Article 228 Treatment of specific related undertakings from other financial sectors

This directive outlines the calculation of group solvency for participating insurance or reinsurance undertakings, requiring the incorporation of eligible own funds and Solvency Capital Requirement contributions from specified financial entities. These include credit institutions, investment firms, and alternative investment fund managers, as well as certain unregulated entities and occupational retirement institutions.

The contribution to group eligible own funds must be determined based on proportional shares calculated according to relevant sectoral rules. Member States may permit supervisory authorities to deduct specific participations from eligible own funds, thereby enabling a tailored regulatory approach that accommodates the complexities of financial groups.

Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 28 January 2025 - onwards
Version 3 of 3

Article 228 Treatment of specific related undertakings from other financial sectors

1. Irrespective of the method used in accordance with Article 220 of this Directive, for the purpose of calculating the group solvency, the participating insurance or reinsurance undertaking shall take into account the contribution to the group eligible own funds and to the group Solvency Capital Requirement of the following undertakings:

(a) credit institutions within the meaning of Article 4(1), point (1), of Regulation (EU) No 575/2013 or investment firms within the meaning of Article 4(1), point (2), of that Regulation;

(b) UCITS management companies within the meaning of Article 2(1), point (b), of Directive 2009/65/EC and investment companies authorised pursuant to Article 27 of that Directive provided that they have not designated a management company pursuant to that Directive;

(c) alternative investment fund managers (AIFMs) within the meaning of Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council [Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations(EC) No 1060/2009 and (EU) No 1095/2010(OJ L 174, 1.7.2011, p. 1).];