(1) Section 2(1) of the Insurance Act 1989 is amended -

(a) in the definition of "authorisation", by substituting for "or the Life Regulations of 1994", ", the Life Regulations of 1994 or the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)",

(b) in the definition of "insurance undertaking" by substituting the following for paragraph (b):

"(b) the holder of an official authorisation in respect of insurance granted pursuant to -

(i) Council Directive No. 73/239/EEC of 24 July 1973 as amended or extended from time to time,

(ii) Council Directive No. 79/267/EEC of 5 March 1979 as amended or extended from time to time,

(iii) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 as amended or extended from time to time, or

(iv) the Swiss Confederation Agreement as defined in the European Communities (Swiss Confederation Agreement) Regulations 1996 (S.I. No. 25 of 1996),",

(c) in the definition of "life assurance" by inserting after "1994" "or Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)", and