(1) This section defines “insurance company”, “authorised insurance company”, “insurance group” and “insurance market activity” for the purposes of the Companies Acts.
(2) An “authorised insurance company” means a person (whether incorporated or not) who has permission under [Part 4A] of the Financial Services and Markets Act 2000 (c 8) to effect or carry out contracts of insurance.
(3) An “insurance company” means—
(a) an authorised insurance company, or
(b) any other person (whether incorporated or not) who—
(i) carries on insurance market activity, or
(ii) may effect or carry out contracts of insurance under
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