Section 1 of the Insurance Act 1964 is amended by substituting the following for paragraph (a) of the definition of "excluded risk":
"(a) a risk relating to insurance that falls within the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 19734 [OJ No. L228, 16.8.1973, p.3 (2)] -
(i) 4, 5, 6, 7, 11 and 12,
(ii) 1 and 10 in so far as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively,
(iii) 14 in so far as it relates to export credit;".