(1) A policy or contract of assurance that has been approved by the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 shall, on the coming into operation of section 53B, be deemed to have been approved by the Board under that section.
(2) An undertaking shall, not later than 60 days after the coming into operation of section 53B, furnish information as may be prescribed, for the purposes of this section, to the Board in relation to a policy or contract of assurance referred to in subsection (1).