(1) The substitution of sub-paragraph (a) of Article 21(5) of the Insolvency (Northern Ireland) Order 1989 [Paragraph (5) was substituted, together with paragraphs (4) and (6), for paragraph (4) by S.I. 2001/3649, article 401.] by article 57 of the Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (limitation of power to make an administration order) [S.I. 2002/1555.] is treated as if it had not been made, and instead that sub-paragraph is substituted in accordance with paragraph (2).

(2) For sub-paragraph (a) substitute -

"(a) it effects or carries out contracts of insurance, but is not -

(i) exempt from the general prohibition, within the meaning of section 19 of the Financial Services and Markets Act 2000, in relation to effecting or carrying out contracts of insurance, or

(ii) an authorised deposit taker within the meaning given by paragraph (1B), and effecting or carrying out contracts of insurance in the course of a banking business;".