(1) Subject to paragraph (2), this Part applies with respect to the determination of the value of assets of undertakings for the purposes of any investigation to which Article 5 applies and for all other purposes of the Insurance Acts and Regulations.
(2) Where an undertaking has entered into any contracts providing for the payment of property linked benefits, this Part shall not apply with respect to the determination of the value of the linked assets by reference to the value of which those benefits are to be determined.
(3) Any asset to which this Part applies (other than cash) for the value of which no provision is made in this Part shall be left out of account for the purpose of representing the life assurance business amount as defined in Article 49 (5).
(4) Where in accordance with this Part the value of any asset is to be not greater than any specified amount and, in all the circumstances of the case, it appears that the asset is of a lesser value than that amount, such le