“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, in respect of ‘third party risks’, as defined in that section of that Act, 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 and amended by section 32(1)(b) of Act 17 of 2023 effective on 1 January, 2023 and applicable in respect of years of assessment commencing on or after that date]