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98. (1) This article applies in relation to an EC company (within the meaning of the Insurance Companies Act) which at commencement—
(a)is seeking to carry on reinsurance business through a branch in the United Kingdom; and
(b)neither has permission to carry on that activity by virtue of Schedule 4 nor has a Part IV permission to carry it on.
(2) If before commencement the company had, in accordance with paragraph 4(2)(a)(i) of Schedule 2F to the Insurance Companies Act, served a notice of its intention to carry on reinsurance business, the notice is to be treated as an application for permission made under section 40.
(3) Article 9 applies in relation to an application treated under this article as an application under section 40 or 44 as it applies to an application so treated pursuant to a provision in Part II.
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