3. Where only one parent undertaking established in a Member State holds all Union subsidiary undertakings of a third-country insurance or reinsurance undertaking or third-country parent undertaking, the European resolution college shall be chaired by the resolution authority of the Member State where that parent undertaking is established.
Where the first subparagraph does not apply, the resolution authority of the Member State in which a Union subsidiary undertaking with the highest value of total on-balance sheet assets is established shall chair the European resolution college.