Section 23: Reserve of re-insurers.

A reinsurer shall establish a general reserve fund which shall be credited with an amount-(a) not less than 50 per centum of his insurer's gross profit for the year where the fund is less than the authorized capital of the insurer; and
(b) not less than 25 per centum of the reinsurer gross profit for the year where the fund is equal to or exceed the authorized capital of the reinsurer.