(1) In sections 327(5) and (7) and 332(3)(b) of the Act (exemption from the general prohibition for members of the professions, and rules in relation to such persons), the references to "a regulated activity" and "regulated activities" do not include -
(a) any activity of the kind specified by article 10(1) or (2), where -
(i) P is a member of the Society; and
(ii) by virtue of section 316 of the Act (application of the Act to Lloyd's underwriting), the general prohibition does not apply to the carrying on by P of that activity; or
(b) any activity of the kind specified by article 10(2), where -
(i) P is a former underwriting member; and
(ii) the contract of insurance in question is one underwritten by P at Lloyd's.
(2) In paragraph (1) -
"member of the Society" has the same meaning as in Lloyd's Act 1982 [1982 c. 14.]; and
"former underwriting member" has the meaning given by section 324(1) of the Act.