(1) An undertaking shall not be required to include in any account or balance sheet prepared in accordance with this Part, any information relating to the financial year of the undertaking immediately preceding that financial year to which these Regulations first apply.
(2) Any reference in any provision of these Regulations to a document submitted to the Minister or prepared in respect of a financial year of an undertaking which is a financial year of the undertaking preceding that to which these Regulations first apply shall be construed as a reference to the document so submitted or prepared in accordance with the corresponding provisions of the Insurance Acts and Regulations previously in force.