(1) In this section -
"the Area" has the same meaning as it has for the purposes of section 446;
"foreign life assurance business" means relevant trading operations within the meaning of section 446 consisting of life assurance business with policy holders and annuitants who at the time such business is contracted reside outside the State and, as regards any policy issued or contract made, as the case may be, with such policy holders or annuitants in the course of such business, such policy or contract does not provide for -
(a) the granting of any additional contractual rights, or
(b) an option to have another policy or contract substituted for it,
at a time when the policy holder or annuitant, as the case may be, resides in the State;
"foreign unit trust business" means relevant trading operations within the meaning of section 446 consisting of the management of the investments of one or more qualifying unit trusts;
"qualifying unit trust" means a unit trust scheme -
(a) which i