1.Member States shall provide that the competent authorities exercise general supervision over transactions between:
an insurance undertaking and:
a related undertaking of the insurance undertaking
a participating undertaking in the insurance undertaking
a related undertaking of a participating undertaking in the insurance undertaking
an insurance undertaking and a natural person who holds a participation in:
the insurance undertaking or any of its related undertakings
a participating undertaking in the insurance undertaking
a related undertaking of a participating undertaking in the insurance undertaking
These transactions concern in particular:
- loans,
- guarantees and off-balance-sheet transactions,
- elements eligible for the solvency margin,
- investments,
- reinsurance operations,
- agreements to share costs.
2.To this end, Member States shall require at least annual reporting by the insurance undertakings to the competent authorities of significant transactions as provided for in paragraph 1.
If, on the basis of this information, it appears that the solvency of the insurance undertaking is, or may be, jeopardised, the competent authority shall take appropriate measures at the level of the insurance undertaking.