“value of liabilities” means, in respect of a policyholder fund and a risk policy fund the adjusted IFRS value plus so much of all other liabilities allocated to that fund that have not been taken into account in determining the adjusted IFRS value: Provided that any amount that is payable to or receivable from a cell owner, referred to in the definition of “cell structure” in section 1 of the Insurance Act, that does not relate to a policy, must be disregarded.

[Definition of “value of liabilities” substituted by section 47(1)(c) of Act 43 of 2014, by section 50(1)(c) of Act 15 of 2016, by section 53(1)(c) of Act 25 of 2015(effective date in section 53(2) of Act 25 of 2015 as substituted by section 108(1) of Act 23 of 2018) and by section 15(1)(b) of Act 20 of 2022, amended by section 32(1)(b) of Act 17 of 2023 and substituted by section 25(1)(b) of Act 42 of 2024 deemed to have come into operation on 1 January, 2023 and applicable in respect of years of assessment commencing on or after that date]

“policyholder fund” means any fund contemplated in subsection (4)(a), (b) or (c);

“policy” means a long­term policy as defined in section 1 of the Long­term Insurance Act, other than a policy issued by a foreign reinsurer conducting insurance business through a branch in the Republic in terms of section 6 of the Insurance Act;

[Definition of “policy” substituted by section 34(b) of Act 34 of 2019]

“owner”, in relation to a policy, means the person who is entitled to enforce any benefit provided for in the policy: Provided that where a policy has been –

(a)     ceded or pledged solely for the purpose of providing security for the performance of any obligation, the owner shall be the person who retains the beneficial interest in such policy; or

(b)     reinsured by one insurer with another insurer, the reinsurance policy shall be deemed to be owned by the owner of the insurance policy so insured;

“market value”, in relation to any asset, means-

(a)     the amount which a person having the right freely to dispose of such asset might reasonably expect to obtain from a sale of such asset in the open market; or

(b)     where an asset cannot be sold in the open market, an amount equal to the value at which that asset is recognised in the audited annual financial statements of the insurer;

[Definition of “market value” substituted by section 30 of Act 23 of 2020]

“insurer” means a company that is licensed under the Insurance Act and is conducting life insurance business as defined in that Act, other than a foreign reinsurer conducting insurance business through a branch in the Republic in terms of section 6 of that Act;

[Definition of “insurer” substituted by section 34(a) of Act 34 of 2019 and by section 22(a) of Act 20 of 2021]

“business” means any long–term insurance business as defined in section 1 of the Long–term Insurance Act;