2. For the purposes of section 9(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 $400,000.