‘market value’, in relation to any asset placed in any policyholder fund as contemplated in section 29A(4), means-

(a)     where that asset constitutes a financial instrument that is listed on-

(i)      an exchange as defined in section 1 of the Financial Markets Act and licensed under section 9 of that Act; or

(ii)     an exchange in a country other than the Republic which has been recognised by the Minister as contemplated in paragraph (c) of the definition of ‘recognised exchange’ in paragraph 1 of the Eighth Schedule,

the sum which a person having the right to freely dispose of that asset might reasonably expect to obtain from a sale of that asset in the open market; or

(b)     where that asset is an asset other than an asset contemplated in paragraph (a), the value of that asset as taken into account in determining the investment value of policies as reported to the owners of the policies in respect of the policyholder fund in which the asset is so placed; and