means—
| (a) | insurance business conducted by an insurer with another insurer, where the first-mentioned insures the risks associated with the insurance obligations of the last-mentioned insurer; or |
| (b) | business similar to the insurance business referred to in paragraph (a) conducted by a person that is authorised by a regulatory authority to perform business similar to insurance business under the laws of a country other than the Republic, with an insurer; |