(1) An assurance licence granted before the commencement of these Regulations in respect of a class of insurance specified in column (1) of Schedule II to these Regulations shall be deemed to be an authorisation in respect of the class of insurance specified at that reference number in column (2) of that Schedule.
(2) A licence issued under the Insurance Act, 1936, to a foreign company and deemed to be an authorisation by subarticle (1) of this Article shall apply only in respect of the branch or agency of that company in the State.
(3) The undertaking known as Lloyd's of London may be authorised for all classes of the Annex subject to the requirements of these Regulations being fulfilled and to the surrender of existing licences by separate syndicates of Lloyd's.
(4) The Bank may grant an authorisation in respect of any group of classes specified in column (3) of Schedule II to these Regulations in accordance with Section B of the Annex.
(5) An authorisation granted for a particu