(1) This paragraph applies where, for the purpose of ascertaining the value of the assets of the subject company under section 4 of this Annex, any determination falls to be made in accordance with the said Section 4 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; any 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) Section 4 (4) of Annex III to these Regulations shall not apply with respect to 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 non-life insurance business assets or is not an insurance undert
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