(1) In this section -
"promoter" means a person lawfully carrying on the business of granting annuities on human life and, where that person -
(a) is not resident in the State, or
(b) is not trading in the State through a fixed place of business,
that person is an insurance undertaking authorised to transact insurance business in the State under Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 or, where that person is established in the United Kingdom, is authorised to transact insurance business by the authority in the United Kingdom charged by law with the duty of supervising such persons;
"retirement benefits product" means a product for the provision of relevant benefits in respect of which an application for approval has been made by a promoter to the Revenue Commissioners under this section and under which, if and when approved, a single member retirement benefits scheme may be established by way of a contract entered into with the promoter to
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