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1. Article 4 para 5 refers to larger or more complex exposures of insurance undertaking"2. The provision of Article 4 para 6 delivers for the purpose of para 5 precising what kind of securitisation positions are "larger or more complex exposures of an undertaking". namely: "type 2 securitisation positions as referred to in Article 177 par. 3 and resecuritisatin positions"3. There is a doubt as to how one can interpret the words "shall include" in para 6. We see two options for possible interpretations of this phrase. Larger or more complex exposures of an undertaking shall include:a) Option 1: only type 2 securitisation positions as referred to in Article 177(3) and resecuritisation positions may be considered as "larger or more complex exposures of insurance undertaking" according to para. 5.b) Option 2: among others  type 2 securitisation positions must be included in the securitisation positions as referred to in Article 177(3) and resecuritisation positions.