TITLE II THE TAKING UP OF THE BUSINESS OF LIFE ASSURANCE

Article 7 Scheme of operations

The scheme of operations referred to in Article 6(1)(c) and (4) shall include particulars or evidence of:

(a)

the nature of the commitments which the assurance undertaking proposes to cover;

(b)

the guiding principles as to reassurance;

(c)

the items constituting the minimum guarantee fund;

(d)

estimates relating to the costs of setting up the administrative services and the organisation for securing business and the financial resources intended to meet those costs;

in addition, for the first three financial years:

(e)

a plan setting out detailed estimates of income and expenditure in respect of direct business, reassurance acceptances and reassurance cessions;

(f)

a forecast balance sheet;

(g)

estimates relating to the financial resources intended to cover underwriting liabilities and the solvency margin.