(1) The value of any debt due, or to become due, to an insurance company other than a debt to which subregulation (2), (3) or (5) of this regulation or regulations 9 and 13 apply shall be—
(a) in the case of any such debt which is due, or will become due within 12 months of the relevant date (including any debt which would become due within that period if the company were to exercise any right to which it is entitled to require payment of the same), the amount which can reasonably be expected to be recovered in respect of that debt (due account being taken of any security being held in respect thereof); and
(b) in the case of any other such debt, the amount which would reasonably be paid by way of consideration for an immediate assignment of the debt together with the benefit of any security held in respect of it.
(2) The value of any debt due, or to become due, to the company which is secured on a policy of insurance issued by the company and which (together with any other debt secured on that policy) does not exceed the amount payable on a surrender of that policy at the relevant date shall be the amount of that debt.
(3) Any debt due, or to become due, to the company from an intermediary in respect of money advanced on account of commission to which that intermediary is not absolutely entitled at the relevant date shall be left out of account for the purposes for which these Regulations apply.
(4) Any recovery due, or to become due, to the company by subrogation shall be left out of account for the purposes for which these Regulations apply.
(5) The value of any salvage right of the company shall be the amount which can reasonably be expected to be recovered by virtue of the exercise of that right.