(1) The Insurers (Reorganisation and Winding Up) Regulations 2004 [S.I. 2004/353.] apply in relation to the winding up or reorganisation of Gibraltarian insurers, or the determination of Gibraltarian rights in relation to the winding-up or reorganisation of UK insurers -

(a) as if the amendments made by the CIIU (EU Exit) Regulations 2019 had not been made; and

(b) subject to the modifications set out in Schedule 1.