(1) "Solvency II firm" (a) an insurance undertaking within the meaning of Article 13(1) of the Solvency II Directive that is not - (i) an insurance undertaking falling under Article 308b(1) of the Solvency II Directive; or (ii) excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive; (b) a reinsurance undertaking within the meaning of Article 13(4) of the Solvency II Directive that is not - (i) a reinsurance undertaking falling under Article 308b(1) of the Solvency II Directive; or (ii) excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive;