The Insurance (Amendment) Act, 1978, is hereby amended by the substitution, for section 2, of the following section:
(1) This Act applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by -
(a) a licensee in the course of his banking business, or
(b) Industrial Credit Corporation Public Limited Company in the course of its business, or
(c) Fóir Teoranta in the course of its business,
or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both -
(i) a requirement of a licensee or Industrial Credit Corporation Public Limited Company or Fóir Teoranta, and
(ii) made solely for the purposes of securing financial facilities to be made available by that licensee, or Industrial Credit Corporation Public Limited Company or Fóir Teoranta.
(2) For the purposes of this section -
'b
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