(1) Notwithstanding the regulations made under section 3 of the Act of 1972 to give effect to Article 4 and Article 308b(1) to (4) of the Solvency II Directive, the regulations made under section 3 of the Act of 1972 to give effect to Article 39 of the Solvency II Directive (in this section referred to as the "portfolio transfer regulations"), in so far only as they apply to insurance undertakings (within the meaning of the Solvency II Regulations), shall apply to a relevant undertaking that is an insurance undertaking, subject to the following modifications:
(a) where the insurance undertaking that is transferring its business is a relevant undertaking to which the Solvency II Regulations do not apply by virtue of the regulations made under section 3 of the Act of 1972 to give effect to Article 4 of the Solvency II Directive, a reference in the portfolio transfer regulations to an insurance undertaking (within the meaning of the Solvency II Regulations) shall be construed as a referen
…