(1) This paragraph applies where, for the purpose of ascertaining the value of the assets of the subject company under Article 40, any determination falls to be made in accordance with the said Article 40 of the value of the assets of a dependant of the insurance undertaking, a share in which, or a debt due or to become due from which, is an asset of the subject company; and references herein to a determination of the value of assets of a dependant to which this paragraph applies are references to any such determination.
(2) Article 40 (4) shall not apply with respect to a determination of the value of assets of a dependant to which this paragraph applies.
(3) Where, in the case of a determination of the value of assets of a dependant to which this paragraph applies -
(a) the dependant is an insurance undertaking and has assets of a relevant description which are not life assurance business assets or is not an insurance undertaking and has assets of a relevant description,