2. In these Regulations, unless the context otherwise requires —
“accounting period”, in relation to a captive insurer or Protection and Indemnity Club, means the financial year of the insurer;
“principal officer” has the same meaning as in section 31(11) of the Act;
“Protection and Indemnity Club” means an insurer registered under section 8 of the Act as a direct insurer to carry on general class of insurance business who is permitted under his licence to carry on protection and indemnity insurance business only;
“protection and indemnity insurance business” means the business of insuring against third party liabilities and expenses arising from owning or operating ships as principals.