BKLM242700 - Relevant entities and groups: banking groups: conditions to be met to be a banking group: the exempt activities condition: insurance and related activities

Paragraphs 13(4)(a) and (b) of Schedule 19

Exempt activities include insurance activities. 鈥業nsurance activities鈥� means:

  • the effecting or carrying out of contracts of insurance by a company which is authorised under the law of any territory to carry on insurance business
  • the effecting or carrying out of contracts of insurance by a member of a body or organisation which is authorised under the law of any territory to carry on insurance business, and
  • investment business that arises directly from 鈥榓ctivities鈥� which fall within the first two bullet points.

鈥楥ontract of insurance鈥� has the meaning given by article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).

鈥楢ctivities鈥� includes the buying, holding, managing and selling of assets.