S.L. 403.13 Art. 22Exclusion under this Part.

This Part shall not apply -

(a) to an insolvent insurer who carries on solely and exclusively business of insurance restricted to any one class or part class and such class or part class is, under these regulations, neither a protected risk nor a protected commitment; or

(b) to a branch of a European insurance undertaking carrying on business of insurance pursuant to regulations relating to European passport rights for insurance undertakings as may be made in terms of article 64 of the Act, and which provides to the satisfaction of the competent authority that equivalent protection is available to policyholders of protected risks and protected commitments in a manner not being less favourable than that prescribed by this Part, in the event of the insolvency of the European insurance undertaking.