(1) The calculation of the group solvency of a participating insurance undertaking or reinsurance undertaking shall be carried out on the basis of its consolidated accounts.
(2) The group solvency of a participating insurance undertaking or reinsurance undertaking is the difference between the following:
(a) the own funds eligible to cover the Solvency Capital Requirement, calculated on the basis of consolidated data;
(b) the Solvency Capital Requirement at group level calculated on the basis of consolidated data.
(3) The rules laid down in Regulations 102 to 138 shall apply for the calculation of the own funds eligible for the Solvency Capital Requirement and of the Solvency Capital Requirement at group level based on consolidated data.
(4) The Solvency Capital Requirement at group level based on consolidated data (consolidated group Solvency Capital Requirement) shall be calculated on the basis of either the standard formula or an approved internal model, in a manner consistent with
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