1. This Article shall apply in the following circumstances:
a) an insurance or reinsurance undertaking has concluded an agreement ("co-investment agreement") to invest in bonds and loans jointly with another entity;
b) that other entity ("the co-investor") is one or other of the following:
(i) an institution as defined in point (3) of Article 4(1) of Regulation (EU) No 575/2013 which uses the Internal Ratings Based Approach referred to in Article 143(1) of that Regulation;
(ii) an insurance or reinsurance undertaking which uses an internal model in accordance with Article 100 of Directive 2009/138/EC;
c) pursuant to the co-investment agreement, the insurance or reinsurance undertaking and the co-investor invest jointly in bonds and loans for which a credit assessment by a nominated ECAI is not available and for which debtors have not posted collateral that meets the criteria set out in Article 214;
d) the co-investment agreement provides that the co-investor shares with the insurance o
…