In these regulations, unless the context otherwise requires:
(a) 'Act' means the Insurance Act 1938 (4 of 1938);
(b) 'Authority' means the Insurance Regulatory and Development Authority established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act 1999 (41 of 1999);
(c) 'retention' means the amount of risk which an insurer assumes for his own account.
(d) Words and expressions used and not defined in these regulations but defined in the Insurance Act, 1938 (4 of 1938) orInsurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall have the meanings respectively assigned to them in those Acts as the case may be.