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(in relation to a financial sector in a consolidation group or a financial conglomerate and in accordance with PRU 8.4 (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 that:(a) the investment services sector and the banking sector are treated as one for the purposes set out in PRU 8.4.7 R (Definition of financial conglomerate: The financial sectors: General); and(b) the definition is altered as set out in paragraph 4.4 and the decision tree in paragraph 4.5 of PRU 8 Ann 1R G (Types of financial conglomerate and definition of most important financial sector) for the purposes set out in paragraph 4.4 of PRU 8 Ann 1R G.
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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 accordance with Article 2(15) of the Financial Groups Directive (Definitions)) a parent undertaking, other than a regulated entity, which together with its subsidiary undertakings, at least one of which is an EEA regulated entity, and other entities, constitutes a financial conglomerate.