(1) When calculating group solvency no account shall be taken of any own funds eligible for the Solvency Capital Requirement arising out of reciprocal financing between the participating insurance undertaking or reinsurance undertaking and any of the following:
(b) a participating undertaking;
(c) another related undertaking of any of its participating undertakings.
(2) When calculating group solvency, no account shall be taken of any own funds eligible for the Solvency Capital Requirement of a related insurance undertaking or reinsurance undertaking of the participating insurance undertaking or reinsurance undertaking for which the group solvency is calculated where the own funds concerned arise out of reciprocal financing with any other related undertaking of that participating insurance undertaking or reinsurance undertaking.
(3) Reciprocal financing includes, but is not limited to, circumstances where an insurance undertaking or reinsurance undertaking, o
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