The Company that carries out the type of insurance referred to in Clause (1) of Article (4) above must keep in the State funds whose value is at least equivalent to the full amount of the mathematical reserve of contracts concluded in the State or implemented therein. The Board may reduce the percentage of reserve the Company is required to keep.

Such funds must be completely separated from the funds of other insurance operations. When calculating the aforementioned reserve, the deposit referred to in Clause (1) of Article (38) above shall be taken into account, so that whichever value is greater shall be applicable.