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  1. Point in time
    2006-02-01

ancillary insurance services undertaking

14(in relation to any undertaking in a consolidation group, sub-group or other group of persons) an undertaking complying with the following conditions:

  1. (a) its principal activity consists of:
    1. (i) owning or managing property; or
    2. (ii) managing data-processing services; or
    3. (iii) any other similar activity;
  2. (b) the activity in (a) is ancillary to the principal activity of one or more insurance undertakings;
  3. (c) those insurance undertakings are also members of that consolidation group, sub-group or other group of persons; and
  4. (d) (for the purpose of PRU 8.4 (Cross sector groups), PRU 8.5 (Third country groups), PRU 8 Ann 1R G (Capital adequacy calculations for financial conglomerates) and PRU 8 Ann 2R (Prudential rules for third country groups) it is not an ancillary banking services undertaking.