The Principal Regulations are hereby amended by the addition of the following Articles:
(1) For the purposes of these Regulations 'large risks' means:
(a) risks classified under classes 4, 5, 6, 7, 11 and 12 of the Annex;
(b) risks classified under classes 14 and 15 of the Annex, where the policyholder is engaged in an industrial, commercial or professional activity and the risks relate to such activity;
(c) risks classified under classes 8, 9, 13 and 16 of the Annex in so far as the policyholder 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.
(2) Where the policyholder belongs to a group of undertakings for which consolidated acco