Where an assurance company carries on one or more of the following classes of assurance business, that is to say, public liability insurance business, engineering insurance business, glass insurance business, guarantee insurance business, or burglary insurance business, the Act of 1909 shall apply to such company and to such one or more of the said classes of assurance business as is or are carried on by such company but with and subject to the following modifications, that is to say: -
(a) sections 5 and 6 of the Act of 1909 shall not apply to such company, and
(b) the company shall each year prepare a statement of its assurance business in such form as the Bank directs (in which case section 7(1) of the Act of 1909 is to apply to the statement), and
(c) section 32 (except paragraphs (a), (b) and (c) thereof) shall apply to such company with the substitution in the said section of the words 'public liability insurance business, engineering insurance business, glass insurance business,
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