Regulations 241 and 242 apply to any insurance undertaking or reinsurance undertaking which is a subsidiary undertaking of another insurance undertaking or reinsurance undertaking and where all of the following conditions are met:
(a) the subsidiary undertaking has not been the subject of a decision under Article 214(2) of the Directive and is included in the group supervision carried out by the group supervisor at the level of the parent undertaking in accordance with this Part;
(b) the risk-management processes and internal control mechanisms of the parent undertaking cover the subsidiary undertaking and the parent undertaking satisfies the supervisory authorities concerned regarding the prudent management of the subsidiary undertaking;
(c) the parent undertaking has received the agreement referred to in the third subparagraph of Article 246(4) of the Directive regarding the undertaking of an own risk and solvency assessment at the level of the group and the subsidiary undertaking at
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