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Paragraph 4

Original text. Later amendments are not shown.

The modifications of these Regulations applicable (in addition to that specified in paragraph 3(2) above) with respect to the determination of the value of the assets of the subject company where it is not an insurance company are as follows—

(a)

these Regulations shall apply to the subject company as if it were an insurance company and its assets were being valued for the purpose specified in regulation 38(1) of the 1981 Regulations;

(b)

regulation 38(2) of the 1981 Regulations shall not apply; and

(c)

regulation 49 of those Regulations shall not apply.