(1) This regulation applies where a relevant EEA insurer is, on IP completion day, subject to -

(a) a directive reorganisation measure adopted or imposed before IP completion day under the law of an EEA State other than the United Kingdom ("relevant measure"); or

(b) directive winding-up proceedings opened before IP completion day under the law of an EEA State other than the United Kingdom ("relevant proceedings").

(2) Despite regulation 2(3) Part 2 of the 2004 Regulations continues to have effect in relation to the relevant EEA insurer.

(3) For the purposes of paragraph (2) regulation 2 of the 2004 Regulations has effect without the following amendments made by regulation 2(2) -

(a) the omission of the definitions of "branch", "directive reorganisation measure", "directive winding up proceedings" and "EEA State";

(b) the omission of regulation 2(2).