The European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994) are amended as follows:
(a) in Article 2(1), by inserting after the definition of “participation”:
“ 'qualifying holding' means, subject to Article 2A, a direct or indirect holding in an insurance undertaking-
(a) that represents 10% or more of the capital of, or the voting rights in, the undertaking, or
(b) that makes it possible to exercise a significant influence over the management of the undertaking;”;
(b) by inserting after Article 2-
“Determination of voting rights for certain purposes.
(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
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