(1) Subject to subarticle (3) of this Article, an assurance licence granted before the commencement of these Regulations in respect of a class of assurance 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, except that the licence holder must have carried on business corresponding to that class immediately before the commencement of these Regulations.
(2) An assurance licence granted under the Insurance Act, 1936, to a foreign company (within the meaning of that Act) 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) A body may not carry on industrial assurance business by virtue of this Article unless it was carrying on such business immediately before the commencement of these Regulations.
(4) On the issue to an undertaking of a