(1) This article applies where immediately before commencement a person was subject to -

(a) a direction given under section 11 of the Insurance Companies Act; or

(b) a direction given under section 12A of that Act and confirmed under that section.

(2) The direction has effect after commencement -

(a) if it relates to the carrying on of an activity or activities which the person has a Part IV permission to carry on, as if it were a requirement, imposed under section 43, that he refrain from carrying on an activity which immediately before commencement he was prevented by the direction from carrying on;

(b) if it relates to the carrying on of an activity or activities which he has a permission to carry on as a result of Schedule 4, as if it were a requirement, imposed under section 196, that he refrain as mentioned in sub-paragraph (a).