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. ‘Insurance activities’ 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 ‘activities’ which fall within the first two bullet points.

‘Contract of insurance’ has the meaning given by article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).

‘Activities’ includes the buying, holding, managing and selling of assets.