(1) An insurance undertaking or reinsurance undertaking which is part of a group shall be supervised at the level of the group on the basis of this Part.

(2) The provisions of these Regulations which apply to insurance undertakings and reinsurance undertakings on an individual basis shall continue to apply to undertakings to which this Part applies except where otherwise specified in this Part.

(3) Supervision at the level of the group -

(a) shall apply to an insurance undertaking or reinsurance undertaking which is a participating undertaking in at least one insurance undertaking, reinsurance undertaking, third-country insurance undertaking or third-country reinsurance undertaking, in accordance with Regulations 221 to 263;