(a) by disclosing such information, the competitors of the undertaking would gain significant undue advantage;
(b) there are obligations to policy holders or other counterparty relationships binding an undertaking to secrecy or confidentiality.
2. Where non-disclosure of information is permitted by the supervisory authority, undertakings shall make a statement to this effect in their report on solvency and financial condition and shall state the reasons.
3. Supervisory authorities shall permit insurance and reinsurance undertakings, to make use of - or refer to - public disclosures made under other legal or regulatory requirements, to the extent that those disclosures are equivalent to the information required under Article 51 in both their nature and scope.