2ZA

For the purposes of subsection (1)(aa) above an EC company—

a

lawfully carries on long term business in the United Kingdom if it does so through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 19824 as are applicable have been complied with;

b

lawfully provides long term insurance in the United Kingdom if such of those requirements as are applicable have been complied with in respect of the insurance.