“statutory actuary” means an actuary appointed in accordance with section 20 (1) or 21 (1) (b) of the Long-term Insurance Act;

“purchaser”, in relation to an annuity contract means –

(a)     any natural person and includes such person’s deceased or insolvent estate; or

(b)     a curator bonis of, or a trust created solely for the benefit of, any natural person where the High Court has declared such person to be of unsound mind and incapable of managing his own affairs and such Court has ordered the appointment of such curator or creation of such trust, as the case may be;

“expected return”, in relation to an annuity under an annuity contract, means an amount determined in a manner contemplated in this section as representing the sum of all the annuity amounts which may, as at the commencement of the annuity contract, be expected to become payable by way of the annuity from the said commencement;

“commencement”, in relation to an annuity contract, means the date on which the annuity contract is concluded;

“annuity contract” means an agreement concluded between an insurer in the course of his insurance business and a purchaser, in terms of which –

(a)     the insurer agrees to pay to the purchaser or the purchaser’s spouse or surviving spouse an annuity or annuities (whether to one such person or to each of them) until the death of the annuitant or the expiry of a specified term;

(b)     the purchaser agrees to pay to the insurer a lump sum cash consideration for such annuity or annuities; and

(c)     no amounts are or will be payable by the insurer to the purchaser or any other person other than amounts payable by way of such annuity or annuities or, where an annuity is payable for a minimum term and such annuity is in the event of the death of the annuitant before the end of such term to continue to be payable to some third person for the balance of that term, amounts which may be so payable to such third person by way of such annuity,

but does not include any agreement for the payment by any insurer of any annuity which is under the rules of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund payable to a member of such fund or to any other person;

(1)     For the purposes of this section –

“annuity amount” means an amount payable by way of annuity under an annuity contract and any amount payable in consequence of the commutation or termination of any such annuity contract;