Section 3: Regulatory capital requirement for groups.

I.-Where the Autorité de contrôle prudentiel et de résolution is informed by the group supervisor, in the case of a supervisory authority of another Member State, of a request for authorisation to calculate, on the basis of an internal model, the consolidated group Solvency Capital Requirement and the Solvency Capital Requirement of insurance and reinsurance undertakings with their head office in France, it shall cooperate with the group supervisor and the other supervisory authorities concerned to decide whether or not to grant such authorisation and, where appropriate, to define the conditions thereof. It shall endeavour to reach a joint decision with the group supervisor and the other supervisory authorities concerned within six months of receipt of the complete application.

When the Autorité de contrôle prudentiel et de résolution and the other supervisory authorities concerned have reached such a joint decision, the Autorité shall notify the insurance and reinsurance undertakings concerned which have their head office in France of the reasoned decision.

II.During the six-month period referred to in the first paragraph of this Article, the Autorité de contrôle prudentiel et de résolution may refer the matter to the European Insurance and Occupational Pensions Authority pursuant to Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010, The final decision taken by the European Insurance and Occupational Pensions Authority or by the group supervisor in the event of rejection by the Board of Supervisors of the decision proposed by the group of experts of the European Insurance and Occupational Pensions Authority pursuant to the third subparagraph of Article 44(1) of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 shall be binding on the Autorité de contrôle prudentiel et de résolution, which shall notify it to the undertaking referred to in the first paragraph of Article R. 356-8 and the insurance and reinsurance undertakings concerned which have their registered office in France, and shall apply it.

III - In the absence of a joint decision by the supervisory authorities, the decision taken by the group supervisor is binding on the Autorité de contrôle prudentiel et de résolution, which notifies it to the undertaking referred to in Article R. 356-8 and to the insurance and reinsurance undertakings concerned which have their head office in France, and applies it.