(1) Subject to subarticle (2) of this Article, these Regulations apply to insurance of a class specified in the Annex and to undertakings carrying on such insurance.
(2) These Regulations do not apply to -
(a) the kinds of insurance specified in Articles 2(1) and 2(4) of the Directive,
(b) the operations specified in Articles 2(2) and 2(3) of the Directive,
(c) the organisations and mutual associations excluded from the application of the Directive by Article 3 thereof.