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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; and48
    2. (b) at least one of those subsidiary undertakings is 48an insurer48166 48 or a reinsurance undertaking;48a parent undertaking, other than an insurance undertaking, that fulfils the conditions in paragraphs (1) (a) and (b) of this definition is not an insurance holding company if:48
    3. (c) 48it is a mixed financial holding company; and48
    4. (d) notice has been given in accordance with Regulation 2 of the Financial Groups Directive Regulations166 that the financial conglomerate of which it is a mixed financial holding company is a financial conglomerate.48
  2. 27(2) For the purposes of:
    1. (a) the definition of the insurance sector;52
    2. (b) 102197[deleted]102197
    3. (c) the definition of material insurance holding;52paragraph (1)(b) of this definition does not apply.