(1) Section 22 of the Act of 1936 is hereby amended by the substitution for paragraphs (a), (b) and (c) of subsection (1) of the following paragraphs:

"(a) the sum of one hundred thousand pounds in respect of one or both of the following classes of assurance business, that is to say, life assurance business and industrial assurance business, and

(b) the sum of one hundred thousand pounds in respect of any one or more than one class of assurance business other than life assurance business, industrial assurance business and glass insurance business."

(2) This section shall come into operation six months after the date of the passing of this Act.