(1) These Regulations apply to the accounts, statements and valuations (as hereinafter specified) of every undertaking authorised to transact life assurance business, in respect of the financial year of the undertaking ending in the year in which these Regulations are made (or such later financial year as the Minister may, in respect of a particular undertaking, by direction prescribe) and all subsequent financial years.
(2) These Regulations do not apply to a Community undertaking (other than an Irish head office undertaking) or to a Community deposit undertaking, in relation to life assurance business carried on by it outside the State.