(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 Ins
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