(1) In this Part, unless the context otherwise requires -
"actuary" has the same meaning as in section 3 of the Insurance Act, 1936;
"annuity business" means the business of granting annuities on human life;
"annuity fund" means, where an annuity fund is not kept separately from the life assurance fund of an assurance company, such part of the life assurance fund as represents the liability of the company under its annuity contracts, as stated in its periodical returns;
"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 - (i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), or (ii) under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations;;
"excluded annuity business", in relation to an assuranc
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