(1) For section 1444 of the Act, section 113 of the Insurance Act 1973 , as in force immediately before the FSR commencement, and any associated provisions, continue to have effect in relation to a regulated principal:
(a) mentioned in item 6 of the table in section 1430 of the Act; and
(b) who carries on a class of insurance business that was prescribed for section 113 of the Insurance Act 1973 immediately before the FSR commencement;
to the extent necessary to require the person to comply with that section in relation to the class of insurance business.
(2) Subregulation (1) ceases to apply in relation to the regulated principal at the end of the transition period in relation to the regulated principal.