(1) Chapter 1 of Part 18 of the Principal Act is amended -

(a) in section 521 by substituting the following for subsection (2):

"(2) Where any of the persons specified in Schedule 13 is a body corporate, 'accountable person' includes -

(a) any subsidiary of that body corporate where such subsidiary is resident in the State and, for the purposes of this subsection, 'subsidiary' has the meaning assigned to it by section 155 of the Companies Act 1963, and

(b) a company, resident in the State, of which more than one accountable person are members if the accountable persons -

(i) control the composition of its board of directors,

(ii) hold more than half in nominal value of its equity share capital,

or

(iii) hold more than half in nominal value of its shares carrying voting rights (other than voting rights which arise only in specified circumstances).",

(b) in section 522 by substituting the following for paragraph (a):

"(a) the insurer shall, subject to section 529A, discharge the claim by making payment to the extent of the amount of the benefit, if any, due under the contract -