Savings and transitional provisions
12.—(1)  Notwithstanding regulations 9, 10 and 11 and the Schedule, any registered insurer which carried on insurance business immediately before 23rd August 2004 shall, for the period from 23rd August 2004 to 31st December 2004 (both dates inclusive) (referred to in this regulation as the relevant period), determine its liabilities for the purposes of section 42(4) of the Act in accordance with regulation 25 of the revoked Insurance Regulations (Rg 1, 1999 Ed.) in force immediately before 23rd August 2004.
(2)  Notwithstanding paragraph (1), a registered insurer may elect to determine its liabilities for the purposes of section 42(4) of the Act in accordance with regulation 9 of these Regulations at any time before the expiry of the relevant period.
(3)  Where a registered insurer elects under paragraph (2) to determine its liabilities in accordance with regulation 9 of these Regulations, the insurer shall give notice in writing to the Authority of the date from which it elects to do so no later than 14 days after that date, and paragraph (1) shall not apply to the insurer from the date the election is made.