Exception, overseas controlling interest

(1) Subject to sub-section (2), section 7J shall not apply if an insurer, insurance intermediary, proposed insurer or proposed insurance intermediary is, or is about to become, a member of a related group and– (a) the members of the related group whose activities are restricted to the activities permitted to members of a financial group described in section 7J (1) are directly controlled by– (i) an insurance company or other financial institution that is an overseas company; or (ii) a foreign holding body corporate described in sub-section (2); and (b) the insurer or insurance intermediary or proposed insurer or insurance intermediary is, or will be, directly controlled by the overseas company referred to in paragraph (a). (2) Sub-section (1) shall apply where the Supervisor is satisfied that– (a) the overseas company referred to in sub- section(1)(a)45 (i) is subject to regulation and supervision acceptable to the Supervisor; and (ii) is not directly or indirectly affiliated with any entity that carries on any business other than an activity permitted to a member of a financial group, except for its link through common ownership by the person who controls it directly or indirectly; and (b) there is no obstacle to the Supervisor obtaining information from the overseas company referred to in sub-section(1)(a), or from the relevant regulatory authority.