(1) Where it is proposed to execute an instrument by which-
(a) an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer to a friendly society to which section 37(2) or (3) above applies all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or
(b) a Swiss general insurance company is to transfer to such a friendly society all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,
the Commission may, if it is satisfied that the transferee possesses (after taking the proposed transfer into account) the margin of solvency required by section 48 above, issue a certificate to that effect.
(2) In this section-
"EC company", "non-EC company" and "Swiss general insurance company" have the same meanings as in the Insurance Companies Act 1982;
"general policy" means a policy evidenc