If this monster is Special Summoned by the effect of “Ultimate Insect LV 3”, but is then flipped face-down, or removed from play with “Interdimensional Matter Transporter” or “Dimensionhole”, its effect is reset, so even if flipped face-up again, it will no longer decrease the ATK of the opponent’s monsters.
You can Special Summon “Ultimate Insect LV5” with the effect of “Ultimate Insect LV3” even if that “Ultimate Insect LV3” was not Special Summoned by the effect of “Ultimate Insect LV1”.