Savings and transitional provisions
24.  During the period starting from 1st January 2005 and ending with the day on which a captive insurer lodges the statements of account and other statements in accordance with the Insurance (Accounts and Statements) Regulations (Rg 2) in force immediately before 23rd August 2004 in respect of —
(a)the accounting period beginning on 1st January 2004 and ending on 31st December 2004; and
(b)the insurer’s financial year beginning on any day between 1st January 2004 and 31st December 2004 (both days inclusive),
the Insurance Regulations (Rg 1) and the Insurance (Accounts and Statements) Regulations (Rg 2) in force immediately before 23rd August 2004, and the revoked Insurance (Exemption for Captive Insurers) Regulations in force immediately before 1st January 2005, shall continue to apply to the insurer.