7.—(1) The Insurance Companies Acts 1958 to 1967(1) shall have effect as if any reference therein to “vessels or aircraft” included a reference to hovercraft.
(2) Section 94 of the Companies Act 1967 shall have effect as if there were added to section 94 the following sub-section—
“(7) For the purposes of this Part of this Act, the business of effecting and carrying out contracts of insurance against loss of, or damage to, or arising out of or in connection with the use of, hovercraft, inclusive of third-party risks but exclusive of transit risks, if carried on by a person who at the same time carries on motor vehicle insurance business but does not otherwise carry on marine, aviation and transport business, shall be taken to be motor vehicle insurance business”.
1958 c. 72; 1967 c. 81.