Minimum paid-up share capital
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, shall be as follows:
(a)in the case of any insurer or reinsurer (other than a captive insurer) registered under the Act before 27th October 1997, an amount not less than $25 million by 1st January 2000;
(b)in the case of any insurer or reinsurer (other than a captive insurer) registered under the Act on or after 27th October 1997, an amount not less than $25 million; and
(c)in the case of a captive insurer, an amount not less than $1 million.
(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.