-
The changes to this defined term are effective from 23:00 on 31/12/2020.
means a group of undertakings that is based on the establishment, contractually or otherwise, of strong and sustainable financial relationships among those undertakings, and that may include mutual or mutual-type associations, provided that:
(1) one of those undertakings effectively exercises, through centralised coordination, a dominant influence over the decisions, including financial decisions, of the other undertakings that are part of the group of undertakings; and
(2) the establishment and dissolution of such relationships are subject to prior approval by the PRA,
where the undertaking exercising the centralised coordination shall be considered as the parent undertaking, and the other undertakings shall be considered as subsidiary undertakings.
-
means an insurer which:
(1) if it is a body corporate has no share capital (except a wholly owned subsidiary with no share capital but limited by guarantee); or
(2) is a friendly society; or
(3) is a society registered or deemed to be registered under Co-operative and Community Benefit Societies Act 2014 or the Industrial and Provident Societies (Northern Ireland) Act 1969.