Each life insurer engaging in the aircraft reinsurance business shall maintain accounting records that adequately reflect the operations of its aircraft reinsurance line of business in a manner similar to that of a fire or casualty insurer doing the same kind of business. Such records shall distinguish, as reasonably practical, between the reinsurance of conventional aircraft and space vehicles. In this respect Insurance Regulation No. 33 (11 NYCRR 90-91) will be applicable to the allocation of expenses to such line of business. Each life insurer engaging in such business shall report to the superintendent in such manner and at such times as the superintendent may hereafter prescribe with respect to this line of business and the funds applied thereto.