(1) An insurance undertaking shall not qualify as a small or medium company for the purposes of Chapter 14 of Part 6 of the Principal Act and any reference in that Part to a small or medium company shall be read as excluding a reference to an insurance undertaking.
(2) In addition to what is provided by paragraph (1), each provision of the Principal Act specified in the Table to this Regulation, in so far as it is not already disapplied by that Act to such an undertaking, shall not apply to an insurance undertaking.
(3) Section 357 of the Principal Act shall not apply to an insurance undertaking.
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Table |
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Sections 297 and 298 (Exemption from consolidation: size of group) |
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Sections 358 to 364 (Audit exemption) |
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Section 365 (Dormant company audit exemption) |
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Section 377 (Small and medium sized companies) |
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Section 378 (Application of this Chapter in cases where audit exemption available, etc.) |