In this Part -
"assets" means - (a) in the case of non-linked contracts, designated assets as defined in Article 38 (9); and (b) in the case of linked contracts, linked assets as defined in Article 3;
"liabilities" and "reserves" refer to provision by an undertaking to cover liabilities arising under or in connection with contracts for life assurance, not being liabilities relating to life assurance business carried on outside the State.