(1) In the case of a company carrying on long-term business in whose case no stop order has been made, regulation 9 of the general regulations (investment or otherwise handling of funds in winding up of companies and payment of interest) applies only in relation to the company's other business.

(2) The liquidator of a company carrying on long-term business shall, so long as no stop order has been made, have power to do all such things as may be necessary to the performance of his duties under section 376(2) of the 2000 Act (continuation of contracts of long-term insurance where insurer in liquidation) but the Secretary of State may require him -

(a) not to make investments of a specified class or description,

(b) to realise, before the expiration of a specified period, the whole or a specified proportion of investments of a specified class or description held by the liquidator.