48.—(1) In section 83A of the 1982 Act(1) (Lloyd’s underwriters: insurance Directives)—
(a)after the words “Secretary of State” insert the words “which are exercisable in relation to UK companies”; and
(b)for the words from “giving effect” to the end substitute the words
“which—
(a)gives effect to the general and long term insurance Directives; or
(b)is applicable to the insurance activities of Lloyd’s in that State”.
(2) In section 85 of that Act (Lloyd’s underwriters: transfers of business)—
(a)in subsection (1), for the words “sections 49 to 52 above” substitute the words “Schedule 2C to this Act”;
(b)in subsection (3), for the words “sections 49 and 50 or sections 51 and 52 above” substitute the words “the provisions of Part I or II of Schedule 2C to this Act” and for paragraph (a) substitute—
“(a)references to a ‘UK company’ included references to members of Lloyd's;”; and
(c)after subsection (3) insert—
“(4) Section 52A above shall apply as if the reference in subsection (1) to a UK company included a reference to members of Lloyd's.”
Section 83A was inserted by S.I. 1992/2890, reg 8 and amended by S.I.1993/174, reg 2.