(1) A proposed acquirer shall not, directly or indirectly, acquire a qualifying holding in an insurance undertaking without having previously notified the Bank in writing of the intended size of the holding.
(2) A proposed acquirer who has a qualifying holding in an insurance undertaking shall not, directly or indirectly, increase the size of the holding without having previously notified the Bank in writing of the intended size of the holding if, as a result of the increase -
(a) the percentage of the capital of, or the voting rights in, the undertaking that the proposed acquirer holds would reach or exceed a prescribed percentage, or
(b) in the case of a proposed acquirer that is a company or other body corporate, the undertaking would become the proposed acquirer's subsidiary.
(3) A notification under paragraph (1) or (2) shall include sufficient information to enable the Bank to consider the proposed acquisition concerned against the criteria in paragraphs (1) and (2) of Article 4
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