Where an insurance company to which this Act applies is being wound up by the court, or subject to the supervision of the court, or voluntarily, the value of a policy of any class or of a liability under such a policy requiring to be valued in the winding up shall be estimated in the manner applicable to policies and liabilities of that class provided by Schedule 3.

The rules in Schedules 3 and 4 shall be of the same force, and may be revoked or amended, as if they were rules made in pursuance of section 21 of the Interpretation Act (Northern Ireland) 1954 [1954 c.33] (which confers power on a rule-making authority to make rules regulating the practice and procedure of a court in certain cases); and rules may be made under that section for the purpose of carrying into effect the provisions of this Act with respect to the winding up of insurance companies.]