In relation to general insurance business and a financial year means premiums receivable (including premiums receivable by the company under contracts of reinsurance) as recorded in the books of the company in respect of contracts commencing in that year after deduction of discounts, refunds and rebates of premium but before deduction of premiums for reinsurance ceded and before deduction of commission payable by the company. In terms of long term insurance business, gross premiums receivable are single premiums, recurrent single premiums and annualised amount of premiums payable at regular intervals during the policy year before deduction of amounts of premiums for reinsurance ceded and before deduction of commission payable by the company.