(1) A mutual insurer is an Crown Dependency mutual society for the purposes of section 3 of the 2007 Act (transfers to subsidiaries of other mutuals).

(2) A mutual insurer is a body corporate which -

(a) is a cooperative or mutual undertaking;

(b) is established or operates in accordance with the laws of any of the Channel Islands or the Isle of Man;

(c) has no share capital;

(d) is not a wholly-owned subsidiary within the meaning of section 1159(2) of the Companies Act 2006 [2006 c.46.]; and

(e) is an insurer.

(3) In paragraph (2) "insurer" means -

(a) [deleted]

(b) an undertaking which -

(i) is incorporated in any of the Channel Islands or the Isle of Man, and