75Companies established outside Great Britain
(1)Regulations may provide that, in their application to an insurance company established in a country outside Great Britain, sections 4, 5 and 44 above shall have effect subject to such adaptations of the references to sums of money and to paid up share capital as appear to the Secretary of State to be necessary having regard to the currency of that country or the law relating to companies in force in that country.
(2)The following provisions of the [1948 c. 38.] Companies Act 1948, that is to say, sections 407, 409 to 415 and 425, if, apart from this subsection they would not so apply, shall apply in relation to an insurance company incorporated outside Great Britain which carries on insurance business within Great Britain as they apply in relation to oversea companies within the meaning of section 406 of that Act.