“risk policy” means-

(a)     any policy issued by the insurer during any year of assessment of that insurer commencing on or after 1 January 2016 under which the benefits payable-

(i)      cannot exceed the amount of premiums receivable, except where all or substantially the whole of the policy benefits are payable due to death, disablement, illness or unemployment and excludes a contract of insurance in terms of which annuities are being paid; or

(ii)     other than benefits payable due to death, disablement, illness or unemployment, cannot exceed the amount of premiums receivable and excludes a contract of insurance in terms of which annuities are being paid; or

[Paragraph (a) substituted by section 50 of Act 15 of 2016 effective on 1 January 2016, applies in respect of years of assessment commencing on or after that date]

(b)     any policy in respect of which an election has been made as contemplated in subsection (13B);

[Definition of “risk policy” inserted by section 47 of Act 43 of 2014 effective on 1 January 2016, substituted by section 53 of Act 25 of 2015 effective on 1 January 2016]