(1) This article applies to a person who was, immediately before commencement, an EC company within the meaning of the Insurance Companies Act and was by reason of compliance with -

(a) the requirements of paragraph 4 of Schedule 2F to the Insurance Companies Act [Schedule 2F was inserted by the 31D Regulations, reg. 45(2), Sch 6.];

(b) Gibraltar requirements (within the meaning of paragraph 28(2) of Schedule 2F to that Act) corresponding to those in that paragraph,

able to carry on reinsurance business through a branch in the United Kingdom without contravening section 2(1) of that Act.

(2) Subject to paragraph (3), the person is to be treated as having, at commencement, a Part IV permission to carry on any regulated activity which immediately before commencement he was -

(a) by reason of compliance with the requirements mentioned in paragraph (1)(a) or (b) (as the case may be) able to carry on through a branch in the United Kingdom without contravening paragraph 4 of Schedule 2F to that Act; and

(b) able so to carry on without contravening paragraph 5 of that Schedule.

(3) Paragraph (2) does not apply -