(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.