Part I DESCRIPTION OF DESIGNATED BODY CORPORATE

A specified type of body corporate (not being one excluded by the particular restrictions for mortgage indemnity insurance bodies) which is a single tier organisation formed for the purposes of, or the objects of which include, carrying on in any member State or in any country or territory listed in paragraph 2(c) of Part II of the Schedule hereto, any or all of the following activities—

1. (i)

   mortgage indemnity insurance business;

2. (ii)

   investment of premiums which have been obtained by the body in the course of carrying on mortgage indemnity insurance business;

3. (iii)

   entering into and effecting insurance contracts against risks incurred by the body in carrying on the activity referred to in (i) above;

4. (iv)

   any activity which is ancillary or necessary for the purpose of carrying on any of the activities referred to in (i), (ii) and (iii) above.