(1) Subject to subsection (2) of this section and notwithstanding anything contained in the Act of 1936, the Minister shall not grant any assurance licences under Part II of that Act.
(2) Subsection (1) of this section does not apply in relation to the grant of an assurance licence to a company that is formed and registered under the Companies Act, 1963, and complies with the conditions specified in subsection (6) or paragraph (b) of subsection (11) of section 12 of the Act of 1936.