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; and37
3. (c) those insurance undertakings are also members of that consolidation group, sub-group or other group of persons37.37
37