(1) The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005 [S.I. 2005/1998.] 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 paragraphs (2) to (8).

(2) Regulation 2 [Regulation 2 was amended by S.I. 2015/575. There are other amendments to this regulation which are not relevant to this instrument.] applies as if, in paragraph (1) -

(a) in the definition of “the association of underwriters known as Lloyd’s”, at the end there were inserted “as it had effect immediately before IP completion day”;

(b) in the definition of “overseas insurance business”, for “an EEA State” there were substituted “the United Kingdom or Gibraltar”.

(3) Regulation 10 [Regulation 10 was amended by S.I. 2013/472.] applies as if, in paragraph (2) -