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.