(1) These Regulations apply with respect to the determination of the value of assets of insurance companies.
(2) Any asset to which these Regulations apply (other than cash) for the valuation of which no provision is made in these Regulations shall, unless approved by the Minister, be left out of account for the purposes specified in subregulation (1).
(3) Where it is provided by these Regulations that the value of any asset is to be no greater than as determined in accordance with these Regulations and in all circumstances of the case it appears that the asset is of a lesser value, such lesser value shall be the value of the asset.