(1) An undertaking whose head office is situated in the State shall establish an adequate solvency margin in respect of its entire business in accordance with this Article and Article 18 of these Regulations.
(2) The solvency margin shall correspond to the assets of the undertaking, free of all foreseeable liabilities, less any intangible items, and in representing the amount of the solvency margin the following shall be considered:
(a) the paid-up share capital or, in the case of a mutual concern, the effective initial fund,
(b) one-half of the share capital or the initial fund which is not yet paid up, once the paid-up part reaches 25% of this capital or fund,
(c) reserves (including both statutory reserves and free reserves) not corresponding to underwriting liabilities,
(d) any carry-forward of profits,
(e) on application, with supporting evidence, to the Bank and with its consent:
(i) an amount equal to 50% of the undertaking's future profits; the amount of the future profits