(1) For the purpose of determining whether a holding in an insurance undertaking-
(a) is a qualifying holding, or
(b) has reached or exceeded or will reach or exceed a prescribed percentage of the capital of or voting rights in the undertaking,
the rules regarding the calculation of voting rights in Regulations 9 and 10, paragraphs (4) and (5) of Regulation 12 and Regulations 14(5), 15 to 17 and 21(6) of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007) and the conditions regarding aggregation of voting rights in Regulation 18 of those Regulations shall be taken into account.
(2) For that purpose, voting rights or shares that an investment firm or credit institution holds as a result of providing the underwriting of financial instruments or placing of financial instruments on a firm commitment basis shall not be taken into account if those rights or shares are not exercised or otherwise used to intervene in the management of the issuer and are disposed of
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