7. If a UK company or a member of Lloyd’s was immediately before the commencement date lawfully carrying on insurance business of a class or part of a class in Liechtenstein, the company or member shall be treated for the purposes of the 1982 Act as if the requirements of paragraph 1 of Schedule 2G to that Act(1) (recognition in other EEA States of UK insurers) had been complied with in relation to insurance business or long term business of that class or part of a class.
8.—(1) This regulation applies if in Liechtenstein the third general insurance Directive and the third long term insurance Directive are not fully or substantially implemented on or before the commencement date.
(2) Until such date as those Directives are fully or substantially implemented in that 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 of that Act,
as if the provision made as regards that State by section 2(7) of that Act had not been made.
(3) In this regulation, reference to an insurance company becoming an EC company is a reference to its becoming such a company by virtue of section 2(7) of the 1982 Act.
Schedule 2G was inserted by S.I. 1994/1696, reg.46 and Schedule 7.