Glossary

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Term Definition Legal instruments

ancillary insurance services undertaking

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE FINANCIAL CONGLOMERATES PART

in relation to any undertaking in a consolidation group, an undertaking complying with the following conditions:

(1) its principal activity consists of:

(a) owning or managing property;

(b) managing data-processing services;

(c) providing health and care services; or

(d) any other similar activity;

(2) the activity in (1) is ancillary to the principal activity of one or more insurance undertakings; and

(3) those insurance undertakings are also members of that consolidation group.