(37)The calculation of the Solvency Capital Requirement at solo and group level should be consistent. Where the look-through approach is applied at solo level to collective investment undertakings, or to investments packaged as funds which are related undertakings of a participating insurance or reinsurance undertaking, the look-through approach should also be applied at group level. Where those collective investment undertakings or funds are subsidiaries of insurance or reinsurance groups, the calculation of the Solvency Capital Requirement should be based on the assumption of full diversification with other consolidated assets and liabilities.