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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
        1. (b) at least one of those subsidiary undertakings is 48an insurer48 or an EEA firm that is a regulated insurance entity48 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
        1. (c) 48it is a mixed financial holding company; and48
        1. (d) notice has been given in accordance with Article 4(2) of the Financial Groups Directive that the financial conglomerate of which it is a mixed financial holding company is a financial conglomerate.48
      1. 27(2) For the purposes of:
        1. (a) the definition of the insurance sector;52
        1. (b) ELM; and52
        1. (c) the definition of material insurance holding;52paragraph (1)(b) of this definition does not apply.