(1) Section 7(4) of the Assurance Companies Act, 1909, (c 49) and section 128(4)(b) of the Principal Act are hereby repealed.
(2) The Act of 1986 is hereby amended -
(a) in section (2) by the substitution of the following subsection for subsection (3):
"(3) Sections 3 to 6, 8 to 12, 17, 18 and 24 of this Act do not apply in relation to undertakings to which the European Communities (Insurance Undertakings: Accounts) Regulations 1996 (No. 23 of 1996) apply by virtue of regulation 3 of those Regulations."
(b) In subsection (1) of section 7 by the insertion of the following sub-paragraph after sub-paragraph (ii) (inserted by the European Communities (Credit Institutions: Accounts) Regulations, 1992 (S.I. No. 294 of 1992)) of paragraph (a):
"(iii) in the case of an undertaking to which subsection (3) of section 2 of this Act applies, a copy of the balance sheet and profit and loss account of the undertaking drawn up in accordance with the European Communities (Insurance Undertakings: