The following is added to Article 5 of the first Directive:
'(d) "large risks'' means:
(i) risks classified under classes 4, 5, 6, 7, 11 and 12 of point A of the Annex;
(ii) risks classified under classes 14 and 15 of point A of the Annex, where the policy-holder is engaged professionally in an industrial or commercial activity or in one of the liberal professions, and the risks relate to such activity;
(iii) risks classified under classes 8, 9, 13 and 16 of point A of the Annex in so far as the policy-holder 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.
If the policy-holder belongs to a group of undertakings for which con