2.—(1) For the purposes of section 8(1)(c) of the Act, the paid-up share capital of an insurer or, where an insurer does not have a share capital, its surplus of assets over liabilities, is prescribed as follows:
(a)
not less than $5 million for any insurer other than a reinsurer or captive insurer;
(b)
not less than $10 million for a reinsurer other than a captive insurer; and
(c)
not less than $1 million for a captive insurer.
(2) For the purposes of paragraph (1), regulations 3 and 32 —
“captive insurer” means an insurer which applies to be registered to carry on business which consists principally of the insurance and reinsurance of risks of its related companies and includes a rent-a-captive insurer;
“reinsurer” means an insurer which applies to be registered to carry on reinsurance business only.