(1) Section 730A of the Principal Act is amended in subsection (1) -

(a) in the definition of "new basis business" -

(i) in paragraph (a) by the substitution for subparagraph (i) of the following:

"(i) all policies and contracts commenced by the assurance company on or after 1 January 2001 except those which refer to industrial assurance business, and",

and

(ii) in paragraph (c) by the substitution for "from the time it began to carry on life business." of "from the time it began to carry on life business;",

(b) by the insertion after the definition of "new basis business" of the following:

"'sinking fund or capital redemption business' has the same meaning as in section 3 of the Insurance Act, 1936.",

and

(c) by the insertion after subsection (5) of the following: