(1) These Regulations shall, subject to paragraph (3) and the modifications specified in paragraph (2), apply to a person to whom Regulation 13A applies as if the person were an insurance undertaking holding an authorisation under these Regulations, issued by the Bank, permitting the person to administer its existing portfolio in order to terminate its activity in the State, but not permitting the person to carry on any other insurance business in the State.

(2) The modifications referred to in paragraph (1) are as follows:

(a) the following provisions shall not apply:

(i) Regulations 13, 14 and 15;

(ii) Regulation 17;

(iii) Regulations 21 to 24;

(iv) Regulation 33;

(v) Regulations 35 to 42;

(vi) Regulations 44 to 75;

(vii) Regulations 78 to 143;

(viii) Regulations 145 to 150;