“claim liabilities”, in relation to an authorised reinsurer, means the obligation of the authorised reinsurer, whether contractual or otherwise, to make future payments in relation to all claims incurred during a financial year (other than payments which have fallen due for payment during the financial year) in respect of policies issued by the authorised reinsurer under the Act, whether or not they have been reported to the authorised reinsurer, and includes expenses that the authorised reinsurer expects to incur in settling these claims;

“gross liabilities incurred in respect of policies issued”, in relation to an authorised reinsurer, means the sum of the claim liabilities and the premium liabilities in respect of policies issued by the authorised reinsurer under the Act without deduction for reinsurance;

“gross premiums written” means the amount of premiums written without deduction for reinsurance;

“premium liabilities”, in relation to an authorised reinsurer, means the obligation of the authorised reinsurer, whether contractual or otherwise, to make future payments in relation to all claims incurred after the end of a financial year in respect of policies issued by the authorised reinsurer under the Act, and includes expenses that the authorised reinsurer expects to incur in administering the policies and settling the relevant claims.