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The changes to this defined term are effective from 23:00 on 31/12/2020.
means any of the services listed in Part 3A of Schedule 2 to the Regulated Activities Order.
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means an undertaking, the principal activity of which consists of owning or managing property, managing data-processing services, or a similar activity which is ancillary to the principal activity of one or more credit institutions, investment firms or insurers.
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(1) (in the Financial Conglomerates Part of the PRA Rulebook) has the meaning given in Financial Conglomerates 1.4;
(2) (in relation to the Group Supervision Part of the PRA Rulebook) means, in relation to any undertaking in a group, an undertaking complying with the following conditions:
(a) its principal activity consists of:
(i) owning or managing property;
(ii) managing data-processing services;
(iii) providing health and care services; or
(iv) any other similar activity;
(b) the activity in (a) is ancillary to the principal activity of one or more insurance undertakings; and
(c) those insurance undertakings are also members of that group.
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means an activity which is not a regulated activity but which is:
(1) carried on in connection with a regulated activity; or
(2) held out as being for the purposes of a regulated activity.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
(1) (in relation to a UK Solvency II firm and Lloyd’s) has the meaning given in Own Funds 2.3 and are determined in accordance with Own Funds 2.3 to 2.7; or
(2) (in relation to an insurance holding company) means an own funds item referred to in Article 89 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm; or
(3) (in relation to a third country branch undertaking) means an own funds item referred to in Article 89 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm.