insurance holding company

      1. (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; and
        1. (b) at least one of those subsidiary undertakings is an insurer or a reinsurance undertaking; a 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:
        1. (c) it is a mixed financial holding company; and
        1. (d) notice has been given in accordance with Regulation 2 of the Financial Groups Directive Regulations that the financial conglomerate of which it is a mixed financial holding company is a financial conglomerate.
      1. (2) For the purposes of:
        1. (a) the definition of the insurance sector;
        1. (b) [deleted]
        1. (c) the definition of material insurance holding; paragraph (1)(b) of this definition does not apply.
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