1. Where insurance undertakings or reinsurance under-takings established in different Member States are directly or indirectly related or have a common participating undertaking, the competent authorities of each Member State shall communicate to one another on request all relevant information which may allow or facilitate the exercise of supervision pursuant to this Directive and shall communicate on their own initiative any information which appears to them to be essential for the other competent authorities.
2. Where an insurance undertaking or a reinsurance undertaking and either a credit institution as defined in Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions [OJ L 126, 26.5.2000, p. 1. Directive as last amended by Directive 2005/1/EC.] or an investment firm as defined in Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field [OJ