This Part applies to the commission or suspected commission by an insurance holding company or mixed financial holding company of contraventions of Part 17 of the European Union (Insurance and Reinsurance) Regulations 2015 or other provisions applied by that Part, to any directions given under those provisions, to requirements imposed under those provisions or under directions, and to obligations imposed by this Part or by the Bank exercising powers under this Part. It also covers participation by persons concerned in the management of such companies and contraventions by an administrator or liquidator, including contraventions of Regulation 299A and requirements imposed by the Bank under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013, this Part, or the EU Regulations.

Subsection (2) extends terminology so references to a regulated financial service provider or financial service provider include an investment holding company, mixed financial holding company, mixed activity holding company or parent undertaking; a prescribed contravention includes contraventions by those entities; and performing a controlled function includes being concerned in their management. Subsection (2A) excludes a regulated financial service provider from the references to an insurance holding company or mixed financial holding company. Defined terms are those assigned in the EU (Insurance and Reinsurance) Regulations 2015.