(1) A friendly society which was, immediately before commencement -
(a) authorised under the Friendly Societies Act to carry on insurance business (within the meaning of that Act); and
(b) carrying on overseas insurance business,
is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas insurance business.
(2) In this article -
"corresponding overseas regulated activities" means regulated activities which -
(a) the society carries on after commencement by virtue of continuing to carry on its overseas insurance business; and
(b) the society is regarded as carrying on in the United Kingdom by virtue of section 418;
"overseas insurance business" means business which constituted insurance business within the meaning of section 21(1) of the Friendly Societies Act and which the society was carrying on in a country or territory outside the United Kingdom without co
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