(1) The calculation of the solvency at the level of the group of insurance undertakings and reinsurance undertakings referred to in Regulation 216(3)(a) shall be carried out in accordance with the technical principles and one of the methods set out in Regulations 224 to 237.
(2) Subject to paragraph (3), the method for that calculation shall be the accounting consolidation-based method (method 1) as set out in Regulations 233 to 236.
(3) However, the Bank may, where it is the group supervisor of a group, decide, after consulting the other supervisory authorities concerned and the group itself, to apply to that group the deduction and aggregation method (method 2) as set out in Regulation 237, or a combination of both methods 1 and 2, where the exclusive application of method 1 would not be appropriate.