(1) An application for permission to calculate the consolidated group Solvency Capital Requirement, as well as the Solvency Capital Requirement of insurance undertakings and reinsurance undertakings in the group, on the basis of an internal model, may be submitted by an insurance undertaking or reinsurance undertaking and its related undertakings, or jointly by the related undertakings of an insurance holding company or a mixed financial holding company to the group supervisor.
(2) The supervisory authorities concerned shall co-operate to decide on the permission and any terms and conditions of it.
(3) The Bank shall do everything in its power to reach a joint decision on the application with the other supervisory authorities concerned within 6 months from the date of receipt of the application by the group supervisor.
(4) Where the Bank is the group supervisor, it shall -
(a) inform the other members of the college of supervisors, including EIOPA, of the receipt of the application and
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