(1) In this section -
"acquiring company" means a limited company which is incorporated in the State, in another Member State, in an EEA State or in the United Kingdom;
"assurance business" has the meaning assigned to it by section 3 of the Insurance Act 1936;
"assurance company" means -
(a) an assurance company within the meaning of section 3 of the Insurance Act 1936,
(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) or;
(c) a person that holds an authorisation to carry on insurance granted by the authority in the United Kingdom charged by law with the duty of supervising such persons;
"demutualisation" means an arrangement between an assurance company, being an assurance company which carries on a mutual life business, and its members under which -
(a) the assurance business or part of the business carried on by the assurance company is transferred to an acquiring company, and
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