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(in relation to a class of contract of insurance ) the class of contract of insurance, specified in paragraph 16 of Part I of Schedule 1 to the Regulated Activities Order (General contracts of insurance), against any of the following risks:(a) risks of loss to the persons insured attributable to interruptions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;(b) risks of loss to the persons insured attributable to their incurring unforeseen expense (other than loss such as is covered by contracts within paragraph 18 of Part I of Schedule 1 to the Regulated Activities Order (Assistance));(c) risks which do not fall within paragraphs (a) or (b) and which are not of such a kind that contracts of insurance against them fall within any other provision of Schedule 1 to the Regulated Activities Order.
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(in relation to a financial sector in a consolidation group or a financial conglomerate and in accordance with GENPRU 3.1 (Cross sector groups)) the financial sector with the largest average referred to in the box titled Threshold Test 2 in the financial conglomerate definition decision tree (10% ratio of balance sheet size and solvency requirements); and so thatthe investment services sector and the banking sector are treated as one for the purpose of the definition of financial conglomerate and for any other purpose that GENPRU 3.1 (Cross sector groups) says they are.
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(in accordance with Article 2(15) of the Financial Groups Directive (Definitions)) a parent undertaking, other than a regulated entity, which meets the following conditions:(a) it, together with its subsidiary undertakings, at least one of which is an EEA regulated entity, and other entities, constitutes a financial conglomerate;(b) it has been notified by its coordinator that its group is a financial conglomerate in accordance with Article 4(2) of the Financial Groups Directive; and(c) it has not been notified that its coordinator and other relevant competent authorities have agreed not to treat the group as a financial conglomerate in accordance with Article 3(3) of the Financial Groups Directive.