(1) This Article shall apply with respect to the determination of the value of the assets and the amount of the liabilities of a dependent for the purposes of Article 39.
(2) In the case of a dependant which is an insurance undertaking,
(a) subject to paragraph (4) and paragraph 3 of Schedule 6, the value of its assets shall be determined in accordance with this Part;
(b) subject to paragraph (c), (d), (e), and (f), the amount of its liabilities shall be determined in accordance with Part IV;
(c) where the dependant carries on non-life insurance business, its non-life insurance business liabilities shall be deemed to include an amount equal to whichever is the greater of 400,000 units of account or 20 per cent of the non-life insurance premium income;
(d) where the dependant carries on life assurance business, its life assurance business liabilities shall be deemed to include whichever is the greatest of the following three amounts -
(i) an amount ("the first amount") which is one