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44.—(1) This article applies where immediately before commencement an EEA firm was subject to—
(a)a requirement imposed under section 45 of the Insurance Companies Act by virtue of paragraph 15 of Schedule 2F to that Act; or
(b)a direction given under paragraph 16 or 17 of that Schedule.
(2) In a case where this article applies, the requirement or direction has effect after commencement—
(a)if it relates to the carrying on of an activity or activities which the person has a Part IV permission to carry on, as if it were a requirement imposed on him under section 43;
(b)if it relates to the carrying on of an activity or activities which he has permission to carry on as a result of Schedule 3 or 4, as if it were a requirement imposed on him under section 196.
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