(1) An undertaking which is the holder of an authorisation and has its head office in the State shall establish a minimum guarantee fund in accordance with this Article.
(2) Subject to subarticle (3) of this Article, the amount of the guarantee fund shall be equal to one-third of the solvency margin required to be established by the undertaking in accordance with Article 16 of these Regulations.
(3) The amount of the guarantee fund shall not be less than -
(a) 1,400,000 ECU in a case where all or some of the risks included in that class are covered, as respects an undertaking for which the annual amount of premiums or contributions due in the class listed in Section A of the Annex at Reference Number 14 for each of the preceding three financial years exceeded 2,500,000 ECU or 4 per cent of the total amount of premiums or contributions receivable by that undertaking,
(a)(a) 400,000 ECU in a case where all or some of the risks included in any one of the classes listed in Section A o