For the purposes of regulation 12(1)(c) of the principal Regulations (release of overseas insurer from requirement to nominate a tax representative), an undertaking given by an overseas insurer before the coming into force of these Regulations, which complied with the terms of Parts II and III of the Schedule to the principal Regulations as then in force, shall have effect as if it were an undertaking in the terms required by the Schedule as amended by these Regulations.

Accordingly any agreement by the Board to release the insurer under regulation 12(1)(c) given before the coming into force of these Regulations shall continue to have effect until the Board give notice of their decision to withdraw from it.