Application of this Part of this Schedule
(1) This Part of this Schedule applies in relation to a liability of an insurer while the value of the liability is reduced under a write-down order.
(2) Where the write-down order is varied, this Part of this Schedule applies as if references to the write-down order were to the order as varied.
Relevant insolvency provisions
(1) In determining the value of the liability for the purposes of a relevant insolvency provision, no account is to be taken of the contingent or prospective value of the liability, or interest on the liability, arising from any expectation that the write-down order will be varied, further varied or cease to have effect (whether in relation to the liability or generally).
(2) The relevant insolvency provisions are -
(a) section 123 of the 1986 Act or Article 103 of the 1989 Order, or any statutory provision which applies that section or that Article;
(b) Article 11 of Commission Delegated Regulation (EU)
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