Schedule 3 to the Policyholders Protection Act 1975 (provisions with respect to levies on authorised insurance companies) is amended as follows.
For paragraph 4 (statements of premium income to be sent to Secretary of State) substitute—
In paragraph 5(3) (application of provisions of the Insurance Companies Act 1982 to failure to meet obligation imposed by paragraph 4) for "the obligation imposed on an insurance company by paragraph 4" substitute "an obligation imposed on an insurance company under paragraph 4".
In paragraph 6 (declaration and enforcement of levies) omitsub-paragraph (4) (provision about notices).
After paragraph 7 insert—