Schedule 1 of the Principal Regulations is hereby amended by the insertion, after Section D (inserted by S. I. No. 5 of 1991) of Annex 1 and Annex 2 of the second Directive, of the following as Sections E and F of that Schedule:
"E. MATCHING RULES
The currency in which the insurer's commitments are payable shall be determined in accordance with the following rules:
1. Where the cover provided by a contract is expressed in terms of a particular currency, the insurer's commitments are considered to be payable in that currency.
2. Where the cover provided by a contract is not expressed in terms of any currency, the insurer's commitments are considered to be payable in the currency of the country in which the risk is situated. However, the insurer may choose the currency in which the premium is expressed if there are justifiable grounds for exercising such a choice.
This could be the case if, from the time the contract is entered into, it appears likely that a claim will be paid in th