(1) For the purposes of this Part -

"composite insurer" means a UK insurer who is authorised to carry on both general business and long term business;

"floating charge" has the meaning given by section 251 of the 1986 Act or paragraph (1) of Article 5 of the 1989 Order;

"general business" means the business of effecting or carrying out a contract of general insurance;

"general business assets" means the assets of a composite insurer which are, or should properly be, apportioned to that insurer's general business;

"general business liabilities" means the debts of a composite insurer which are attributable to the general business carried on by that insurer;

"general insurer" means a UK insurer who carries on exclusively general business;