(1) The Principal Act is amended-

(a) in section 588(1) by substituting for the definition of "assurance company" the following definition:

"'assurance company' means-

(a) an assurance company within the meaning of section 3 of the Insurance Act 1936, or

(b) a person that holds an authorisation within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994);",

(b) in section 594(1)(c)(i) by substituting for the definition of "assurance company" the following definition:

"'assurance company' means-

(I) an assurance company within the meaning of section 3 of the Insurance Act 1936, or

(II) a person that holds an authorisation within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994);",

(c) in section 706(1) by substituting for the definition of "assurance company" the following definition:

"'assurance company' means-

(a) an assurance company within the meaning of section 3 of the Insurance Act 1936, or