Directive 2002/92/EC is hereby amended as follows:
(1) Article 2 is amended as follows:
(a) in point 3, the second paragraph is replaced by the following:
'With the exception of Chapter III A of this Directive, those activities, when undertaken by an insurance undertaking or an employee of an insurance undertaking who is acting under the responsibility of the insurance undertaking shall not be considered to be insurance mediation or insurance distribution';
(b) the following point is added:
'(13) For the purposes of Chapter IIIA, 'insurance-based investment product' means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations and shall not include:
(a) non-life insurance products as listed in Annex I of Directive 2009/138/EC (Classes of Non-life Insurance);
(b) life insurance contracts where the benefits under the contract are payable only on death or