(1) This paragraph applies to a proposal to execute under provisions corresponding to Part VII in a country or territory other than the United Kingdom an instrument transferring all the rights and obligations of the transferor under general or long-term insurance policies, or under such descriptions of such policies as may be specified in the instrument, to the transferee if any of the conditions in sub-paragraphs (2), (3) or (4) [the condition in sub-paragraph (4)] is met in relation to it.
(2) The transferor is an EEA firm falling within paragraph 5(d) [or (da)] of Schedule 3 and the
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