(1)This section defines for the purposes of this Part what is meant by “life assurance business”.
(2)Business is “life assurance business” if—
(a)it consists of the effecting or carrying out of contracts of insurance which fall within paragraph I, II, III or VII(b) of Part 2 of Schedule 1 to the FISMA (Regulated Activities) Order 2001, or
(b)it is capital redemption business (see subsection (3)).
(3)Business is “capital redemption business” if it consists of the effecting on the basis of actuarial calculations, and the carrying out, of contracts under which, in return for one or more fixed payments, a sum of a specified amount (or a series of sums of a specified amount) become payable at a future time or over a period.