AI Summary of Article 256 Group solvency and financial condition report
Member States shall ensure that participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies disclose the information referred to in this Article within 24 weeks of the end of the undertaking's financial year. Subject to the agreement of the group supervisor, such undertakings may provide a single solvency and financial condition report comprising the group-level information required by paragraph 1 and individually identifiable information for any subsidiaries, including both parts of the solvency and financial condition report to be disclosed in accordance with Articles 51, 53, 54 and 55; the group supervisor must consult and duly take into account views and reservations of the college of supervisors before granting agreement.
Where the single report omits information which the supervisory authority authorising a subsidiary requires comparable undertakings to provide and the omission is material, that supervisory authority may require the subsidiary to disclose the necessary additional information. The Commission shall supplement the Directive by adopting delegated acts in accordance with Article 301a specifying required information for the single and group reports. EIOPA shall develop draft implementing technical standards on procedures, templates and means of disclosure and submit them to the Commission by 30 June 2015; the Commission may adopt those implementing technical standards under Article 15 of Regulation (EU) No 1094/2010.
Article 256 Group solvency and financial condition report
1. Member States shall ensure that the participating insurance and reinsurance undertakings, the insurance holding company or the mixed financial holding company disclose the information referred to in this Article within 24 weeks of the end of the undertaking's financial year.
2. A participating insurance or reinsurance undertaking, an insurance holding company or a mixed financial holding company may, subject to the agreement of the group supervisor, provide a single report on its solvency and financial condition which shall comprise the following:
(a) the information at the level of the group to be disclosed in accordance with paragraph 1;
(b) the information for any of the subsidiaries within the group which must be individually identifiable, including both parts of the solvency and financial condition report, and must be disclosed in accordance with Articles 51, 53, 54 and 55.
Before granting the agreement in accordance with the first subparagraph, the group supervisor shall consult and duly take into account any views and reservations of the members of the college of supervisors.