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15.—(1) This regulation applies if—
(a)in Austria, Iceland, Norway or Sweden, the third general insurance Directive and the third long term insurance Directive are not fully or substantially implemented on or before the commencement date; or
(b)in Finland, the third long term insurance Directive is not fully or substantially implemented on or before that date.
(2) Until such date (“the transitional date”) as those Directives are or, as the case may be, that Directive is fully or substantially implemented in the State concerned (“the defaulting State”), the 1982 Act shall have effect in relation to an insurance company—
(a)whose head office is in that State; and
(b)which, apart from this paragraph, would on the commencement date become an EC company for all purposes or, as the case may be, all long term purposes of that Act,
as if the provision made as regards that State by section 2(7) or (8) of that Act had not been made.
(3) Regulation 13 above shall have effect in relation to an insurance company—
(a)whose head office is in the defaulting State; and
(b)which on the transitional date becomes an EC company for all purposes or, as the case may be, all long term purposes of the 1982 Act,
as if any reference to the commencement date were a reference to the transitional date.
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