(1) For the purposes of these Regulations 'large risks' means:
(a) risks classified under classes 4, 5, 6, 7, 11 and 12 of the Annex;
(b) risks classified under classes 14 and 15 of the Annex, where the policyholder is engaged in an industrial, commercial or professional activity and the risks relate to such activity;
(c) risks classified under Classes 3, 8, 9, 10, 13 and 16 of the Annex in so far as the policyholder exceeds the limits of at least two of the following three criteria:
first stage: until 31 December, 1992.
balance sheet total: 12.4 million ECU;
net turnover: 24 million ECU;
average number of employees during the financial year: 500.
second stage: from 1 January, 1993:
balance sheet total: 6.2 million ECU;
net turnover: 12.8 million ECU;
average number of employees during the financial year: 250.
(2) Where the policyholder belongs to a group of undertakings for which consolidated accounts within the meaning of Council Directive 83/349/EEC are drawn up, the criteria s