(1) The requirements set out in Regulations 44 to 51 shall apply at the level of the group subject to any necessary modifications.
(2) Without prejudice to paragraph (1), the risk management and internal control systems and reporting procedures shall be implemented consistently in all the undertakings included in the scope of group supervision pursuant to Regulation 216(3)(a) and (b) so that those systems and reporting procedures can be controlled at the level of the group.
(3) Without prejudice to paragraphs (1) and (2), the group internal control mechanisms shall include at least the following:
(a) adequate mechanisms as regards group solvency to identify and measure all material risks incurred and to appropriately relate eligible own funds to risks;
(b) sound reporting and accounting procedures to monitor and manage the intra-group transactions and the risk concentration.
(4) A participating insurance undertaking or reinsurance undertaking, insurance holding company or mixed financi
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