(1) Rule 8.3 does not apply to an Insurer if:
(a) the Insurer's Financial Group is already the subject of Financial Group prudential supervision by the Regulator as a result of the authorisation of another Financial Group member; or
(b) the Regulator has confirmed in writing, in response to an application from the Insurer, that it is satisfied that the Insurer's Group is the subject of consolidated prudential supervision by an appropriate regulator; or
(c) except where the Regulator has directed the inclusion of an entity pursuant to Rule 8.1.2(1), the percentage of total assets of Authorised Persons and Financial Institutions in the Financial Group is less than 40% of the total Financial Group assets.
(2) Where an Insurer has received confirmation in writing from the Regulator in accordance with (1)(b), it must immediately advise the Regulator in writing if the circumstances upon which the confirmation was based change.