For the purposes of this Part -

"contract of insurance" has the same meaning as in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

"establishment" means a branch;

"the FCA" means the Financial Conduct Authority;

"home state regulator" has the meaning given by regulation 21;

"payment service" has the same meaning as in regulation 2 of the Payment Services Regulations 2017;

"the PRA" means the Prudential Regulation Authority;

"pre-existing contract" -

(a) in the case of a person who satisfies the conditions in regulation 49, means a contract entered into before IP completion day; (b) in the case of a person who satisfies the conditions in regulation 50 or 51, has the same meaning, in respect of the person, as in Part 6;