Article 14 of the Regulations of 1976 as amended by Article 4 of the European Communities (Non-Life Insurance) (Amendment) Regulations, 1991 (S.I. No. 5 of 1991), is hereby amended by the substitution in sub-article (8) of the following paragraph for paragraph (a):
(a) Every insurance undertaking which is underwriting risks included in Class 14 in Part A of the Annex (referred to subsequently in these Regulations as 'credit insurance') shall, subject to paragraph (d) of this sub-article, set up an equalisation reserve for the purpose of offsetting any technical deficit or above-average claims ratio arising in that class for a financial year."