1. In this Annex:
"assets" means: (a) in the case of non-linked contracts, designated assets as defined in Article 2 (16) of Annex V to these Regulations; and (b) in the case of linked contracts, linked assets as defined in Article 2 of these Regulations;
"liabilities" and "reserves" refer to provision by an undertaking to cover liabilities arising under or in connection with contracts for life assurance;
"property linked benefits" has the meaning assigned to it in Article 2 of these Regulations.
(1) Reserves may, subject to sub-paragraph (2), be established and maintained after the deduction of reinsurance cessions, provided such reinsurance arrangements are acceptable to the Bank.
(2) If more than 75 per cent. of the gross premiums written in respect of any one of the individual categories of contracts set out in sub-paragraph (4) is reinsured, then the primary insurer shall establish and maintain reserves, equivalent to a minimum of 25 per cent. of gross premiums or 25 per
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