Section 3: Regulatory capital requirement for groups.

I.-Where the third country in which a third-country insurance or reinsurance undertaking mentioned in VI of Article R. 356-22 has its head office makes that undertaking subject to an authorisation regime and imposes on it a solvency regime at least equivalent to that laid down in Chapters I, II and III of this Title, the calculation of group solvency shall take account, as far as that undertaking is concerned, of the Solvency Capital Requirement and the own funds eligible to cover it, as defined by the third country concerned.

II - The equivalence of the solvency regime of the third country to that established by Chapters I, II and III of this Title may be determined by a delegated act of the Commission adopted pursuant to paragraphs 4 and 5 of Article 227 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 (Solvency II).

If no delegated act has been adopted, the Autorité de contrôle prudentiel et de résolution in its capacity as group supervisor shall verify, at the request of the undertaking referred to in the first paragraph of Article R. 356-8, or on its own initiative, whether the third country regime is at least equivalent. To do so, the Autorité de contrôle prudentiel et de résolution, assisted by the European Insurance and Occupational Pensions Authority shall consult the other supervisory authorities concerned before reaching a decision on equivalence in accordance with Article 379 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014. That decision may not contradict a decision previously taken in respect of the third country concerned, unless it is necessary to take account of significant changes to the solvency regime of the third country and to that established by the articles in Chapters I, II and III of this Title.

The decision taken by the Autorité de contrôle prudentiel et de résolution pursuant to the preceding paragraph may, within three months of its notification, in the event of disagreement, be referred by another supervisory authority to the European Insurance and Occupational Pensions Authority in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010.

Where the Autorité de contrôle prudentiel et de résolution disagrees with the decision taken by another supervisory authority in its capacity as group supervisor on the equivalence of the solvency regime of a third country, it may, in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010, refer the matter to the European Insurance and Occupational Pensions Authority within three months of notification of that decision.