Savings and transitional provisions
18.  During the period starting from 1st January 2005 and ending with the day on which a Protection and Indemnity Club 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, or the revoked Insurance (Protection and Indemnity Clubs) Regulations (Rg 10) in force immediately before 1st January 2005, in respect of —
(a)the accounting period beginning on 1st January 2004 and ending on 31st December 2004; and
(b)the Protection and Indemnity Club’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 (Protection and Indemnity Clubs) Regulations in force immediately before 1st January 2005, shall continue to apply to the Protection and Indemnity Club.