I place emphasis further down the FARs to 91.175.c.3.i
"(i) The approach light system, except that the pilot may not descend below 100 feet above the touchdown zone elevation using the approach lights as a reference unless the red terminating bars or the red side row bars are also distinctly visible and identifiable.
So for the US operators that I have worked for:
PM calls what he sees when he sees it, ie "approach lights"
PF, prior to mins, says "in sight, continue"
PM or auto callout of "minimums"
PF, "continue" if just app lights in sight, or "landing" if rwy is in sight.
For Cat I ILS, you are continuing below the 200' Cat I mins using the approach lights, and hopefully, when you get down to 100' you will have the red terminating bars or the rwy and adequate vis. But you are assessing the vis at 100', not at the 200'minimums. In a lot of cases, you will not have the vis at 200' if all you can see is the approach lights, but will have it at 100'.