(1) An insurance undertaking authorised under the European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976) that -

(a) is a relevant undertaking on the commencement of this section, and

(b) is not deemed authorised under the Solvency II Regulations,

shall be deemed to be authorised under the Non-Life Regulations.

(2) An insurance undertaking authorised under the European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984) that -

(a) is a relevant undertaking on the commencement of this section, and

(b) is not deemed authorised under the regulations made under the Solvency II Regulations,

shall be deemed to be authorised under the Life Regulations.

(3) An insurance undertaking that, at any time after the commencement of this section, ceases to be an undertaking to which Title I, II or III of the Solvency II Directive applies and becomes a relevant undertaking, shall -