(1) The scheme of operations referred to in Regulation 17(4)(c) shall include particulars or evidence of the following:

(a) the nature of the risks or commitments which the insurance undertaking or reinsurance undertaking proposes to cover;

(b) the kind of reinsurance arrangements which the reinsurance undertaking proposes to make with ceding undertakings;

(c) the guiding principles as to reinsurance and to retrocession;

(d) the basic own fund items constituting the absolute floor of the Minimum Capital Requirement;

(e) estimates of the costs of setting up the administrative services and the organisation for securing business; the financial resources intended to meet those costs and, if the risks to be covered are classified in class 18 in Part 1 of Schedule 1, the resources at the disposal of the insurance undertaking for the provision of the assistance promised.

(2) In addition to the requirements set out in paragraph (1), for the first 3 financial years the scheme shall include the following:

(a) a forecast balance sheet;