7In section 1 of the Insurance Companies Act 1958, after subsection (5) insert as a new subsection (5A) in place of that inserted by Schedule 8 to the 1971 Act the following—
“(5A)Where a trade union or an employers" association carries on insurance business, this Act does not apply to it as an insurance company if the insurance business is limited to the provision for its members of provident benefits or strike benefits.
In this subsection " trade union" and " employers' association " have the same meanings respectively as they have in the Trade Union and Labour Relations Act 1974.”