(1) In this Chapter and Chapter 5 of this Part -
"assurance company" means an assurance company chargeable to corporation tax;
"credit union" has the meaning assigned to it in section 2 of the Credit Union Act 1997;
"financial institution" means - (a) a person who holds a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, (b) a person referred to in section 7(4) of the Central Bank Act 1971, or (c) a credit institution duly authorised by virtue of Directive No. 2000/12/EC of 20 March 2000[OJ No. L.126, of 26 May 2000, p.1];
"new basis business" means - (a) where an assurance company was carrying on life business on 1 April 2000, other than where the assurance company's trading operations at that time consisted solely of foreign life assurance business within the meaning of section 451(1) - (i) all policies and contracts commenced by the assurance company on or after 1 January 2001 except those which refer to industrial
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