(1) This article applies where immediately before commencement a person was -
(a) authorised under section 3 or 4 of the Insurance Companies Act; and
(b) subject to a requirement imposed under section 38, 39, 40, 41, 43 or 45 of that Act.
(2) The requirement 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 on him under section 43;
(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 on him under section 196.
(3) Where by virtue of this article a requirement originally imposed under the Insurance Companies Act has effect as -
(a) an assets requirement, as defined by section 48(3); or
(b) a requirement to which section 201 applies,
subsections (4) to (11) of section 48 apply accordingly.
(4) In relation to a requirement originally imposed
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