(1) This Article shall not apply to any approved securities or to any interest accrued thereon except insofar as it relates to the limitations applied to any loans to, or deposits with any one approved financial institution specified in Schedule 7.
(2) Assets or categories of assets of an undertaking of any of the descriptions specified in Schedule 7 shall be taken into account, for the purpose of representing the life assurance business amount, only to the extent that the value of those assets or categories of assets does not exceed -
(a) for an individual asset of a description specified in column 1, Part I, an amount equal to the percentage of the life assurance business amount specified in column 2 for an asset of that description;
(b) for the aggregate of assets of a description specified in column 1, Part I, an amount equal to the percentage of the life assurance business amount specified in column 3 for assets of that description;