(1) For the purposes of Article 17 (2) (e) (i) of the Regulations of 1984 the estimated annual profit shall be taken to be one-fifth of the profits made in the life assurance business over the period of five years ("the relevant period") ending on the last day of the most recent financial year for which an investigation under Article 5 has been carried out, substantial items of an exceptional nature being excluded.
(2) For the purposes of paragraph (i) -
(a) Where an investigation under Article 5 has been carried out annually in relation to the relevant period, the profits made in life assurance business for any particular year of the relevant period shall be taken to be the surplus (if any) arising in the life assurance fund since the last such investigation, and the profits so made for that period shall be taken to be the aggregate of those surpluses less any deficiencies in the life assurance fund during that period;
(b) where an undertaking has carried on life assurance busine