-2- (c) to provide that an insurance company shall be deemed to be insolvent for the purposes of the Companies' Act, unless it has, over and above the amount necessary to meet its liabilities, a sum of either €50,000 or one-tenth of the premium income for the preceding year, whichever is the greater. In practice the Board of Trade would not take steps to wind up a company immediately its assets had fallen below that limit. This provision would, however, give sufficient time for remedial measures to be put in hand, before the stage of actual insolvency and collapse had been reached.