The Life insurance Framework Regulations are hereby amended -
(a) in Article 2(1) by -
(i) the insertion after the definition of "claims payable" of the following definition:
" 'close links' means an arrangement whereby two or more natural or legal persons are linked -
(a) by participation or control, and
(b) to one and the same person by a control relationship;",
(ii) by the insertion after the definition of "contract of insurance" of the following definition:
'control', in the case of close links, means the relationship between a parent undertaking and a subsidiary undertaking, in all the cases referred to in Article 1(1) and (2) of Directive 83/349/EEC [O.J. No. L 193 18.07.1983 as last amended by Directive 90/605/EEC (O.J. No. L317 16.11.1990) ] or a similar relationship between any natural or legal person and an undertaking; any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertaki
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