(1) In this Act -
"Act of 1942" means the Central Bank Act 1942;
"Act of 1964" means the Insurance Act 1964;
"Bank" means the Central Bank of Ireland;
"business expenses" means the expenses incurred by an insurance undertaking in acquiring and providing relevant classes of non-life insurance business;
"claim" has the meaning assigned to it by section 1;
"class of non-life insurance", means any class of insurance, other than class 2, referred to in Part 1 of Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);
"direct negotiation" includes negotiation involving, in whole or in part, the services of a solicitor or counsel;
"insurance undertaking" has the meaning assigned to it by section 15 of the Finance (Miscellaneous Provisions) Act 2015;
"Irish-based risk" means a risk, falling within a relevant class of non-life insurance, that, by virtue of regulations under section 7(1), is regarded, for the purposes of this Act, as a risk based in
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