1. Member States shall ensure that a participating insurance or reinsurance undertaking, an insurance holding company or a mixed financial holding company of a group is subject to an audit requirement for the group balance sheet disclosed as part of the report on solvency and financial condition at the level of the group referred to in Article 256(1) or as part of the single solvency and financial condition report referred to in Article 256(2).

2. A separate report, including the identification of the type of assurance as well as the results of the audit, prepared by the audit firm shall be submitted to the group supervisory authority together with the report on solvency and financial condition at the level of the group referred to in Article 256(1) or the single solvency and financial condition report referred to in Article 256(2) by the participating insurance or reinsurance undertaking, the insurance holding company or the mixed financial holding company.