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insurance holding company

  1. 27(1) a parent undertaking, other than an insurance undertaking, the main business of which is to acquire and hold participations in subsidiary undertakings and which fulfils the following conditions:
    1. (a) its subsidiary undertakings are either exclusively or mainly insurance undertakings;
    2. (b) at least one of those subsidiary undertakings is a UK insurer or an EEA firm that is a regulated insurance entity; and
    3. (c) it is not a mixed financial holding company.
  2. 27(2) For the purposes of:
    1. (a) the definition of the insurance sector; and
    2. (b) ELM;