The provisions specified in subsection (2) below, if, apart from this section they would not so apply, shall apply in relation to an insurance company incorporated outside the United Kingdom which carries on insurance business within Great Britain or, as the case may be, Northern Ireland as they apply in relation to oversea companies within the meaning of F1the Companies Act or, as the case may be, companies to which F2Part XXIII of the F3Companies (Northern Ireland) Order 1986 applies.

The provisions specified in subsection (2) below, if, apart from this section they would not so apply, shall apply in relation to an insurance company incorporated outside the United Kingdom which carries on insurance business within Great Britain or, as the case may be, Northern Ireland as they apply in relation to oversea companies within the meaning of the Companies Act or, as the case may be, companies to which Part XXIII of the Companies (Northern Ireland) Order 1986 applies.