(1) Subject to subarticle (2) of this Article, an Insurance undertaking carrying on business in the State at the commencement of these Regulations shall comply with the provisions of Article 16 of these Regulations not later than 1st day of August, 1978.
(2) Where an undertaking referred to in subarticle (1) of this Article has not by the date specified in that subarticle fully established the solvency margin required by this Article, the Bank may allow the undertaking a further period not exceeding two years in which to do so if the undertaking has submitted to the Bank a plan to its satisfaction for the restoration of the institution to a sound financial position.