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1. Member States shall ensure that the group supervisor has the power to require that the ultimate parent undertaking of a group draw up and submit to the group supervisor a group pre-emptive recovery plan. Group pre-emptive recovery plans shall consist of a pre-emptive recovery plan for the group headed by the ultimate parent undertaking. The group pre-emptive recovery plan shall identify remedial actions that may be required to be implemented at the level of that ultimate parent undertaking and at the level of its individual subsidiary undertakings to restore their financial position where that position has significantly deteriorated. The group supervisor shall impose the requirement referred to in the first subparagraph on the basis of the criteria referred to in Article 5(2) or (3), as applicable.

2. The group pre-emptive recovery plan shall contain remedial actions to achieve the stabilisation of the group, or of any insurance or reinsurance undertaking of the group, when the group or any of its insurance or reinsurance undertakings is in a situation of stress so as to address or remove the causes of the distress and restore the financial position of the group or the undertaking that is part of the group in question, at the same time taking into account the financial position of other group entities. The group pre-emptive recovery plan shall contain arrangements to ensure the coordination and consistency of proportionate measures to be taken at the level of the group and the group entities.

3. The group pre-emptive recovery plan, and any plan drawn up for an individual subsidiary insurance or reinsurance undertaking, shall be drawn up in accordance with Article 5(5) to (8), and shall be updated in accordance with Article 5(4). In accordance with Article 5(8), third subparagraph, appropriate arrangements for the regular monitoring of the indicators shall be put in place. The group pre-emptive recovery plan shall identify whether there are obstacles to the implementation of remedial actions within the group, including at the level of individual entities covered by the plan, and whether there are substantial practical or legal impediments to the prompt transfer of own funds or the repayment of liabilities or assets within the group.

4. Supervisory authorities may require subsidiary insurance or reinsurance undertakings or the entities referred to in Article 1(1), points (c) and (d), to draw up and submit pre-emptive recovery plans where no group pre-emptive recovery plan exists.

5. Where the supervisory authority concerned assesses that an entity is not sufficiently considered by the group pre-emptive recovery plan in light of the significance of the entity in question in the Member State concerned and in light of the obligations to which comparable undertakings in that Member State are subject, it may request the group supervisor, on the basis of a reasoned opinion, to require the ultimate parent undertaking, or insurance holding company heading the group, to submit a revised group pre-emptive recovery plan taking into account the concerns expressed by the supervisory authority concerned. Where a revised group pre-emptive recovery plan has been submitted and the supervisory authority concerned assesses that that revised plan does not sufficiently address its concerns, it may require the subsidiary insurance or reinsurance undertakings or the entities referred to in Article 1(1), points (c) and (d), concerned, to draw up and submit a pre-emptive recovery plan. In that case, the supervisory authority shall provide the group supervisor with a reasoned opinion for this assessment. Subsequently it shall provide the group supervisor with the pre-emptive recovery plan.

6. The group supervisor shall, provided that the confidentiality requirements laid down in Article 66 are complied with, transmit the group pre-emptive recovery plans to:

(a) EIOPA;

(b) the relevant supervisory authorities which are members of or participate in the college of supervisors as referred to in Article 248(3) of Directive 2009/138/EC;

(c) the group-level resolution authority;

(d) the resolution authorities of the subsidiary undertakings;

(e) where the group is or is part of a financial conglomerate, the relevant resolution authority designated in accordance with Article 3 of Directive 2014/59/EU and the competent authority as defined in Article 4(1), point (40), of Regulation (EU) No 575/2013.

7. The administrative, management or supervisory body of the entity drawing up the group pre-emptive recovery plan pursuant to paragraph 1 or the pre-emptive recovery plan pursuant to paragraph 4 or 5 shall assess and approve the plan concerned before submitting it to the group supervisor or to the supervisory authority, as appropriate, for review.

8. When drawing up pre-emptive recovery plans, a Union subsidiary undertaking may take into account any group plans on pre-emptive recovery drawn up by the third-country insurance or reinsurance undertakings or third-country parent undertaking of which it is a subsidiary undertaking, where applicable.