insurance holding company
- 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:
- (a) its subsidiary undertakings are either exclusively or mainly insurance undertakings;
- (b) at least one of those subsidiary undertakings is a UK insurer or an EEA firm that is a regulated insurance entity; and
- (c) it is not a mixed financial holding company.
- 27(2) For the purposes of:
- (a) the definition of the insurance sector; and
- (b) ELM;