“negative liability”, in respect of a long-term policy, means the amount by which the expected present value of future premiums exceeds the expected present value of future benefits to policyholders and expenses;

[Definition of “negative liability” inserted by section 53(1)(a) of Act 25 of 2015 and substituted by section 46(1)(b) of Act 17 of 2017 deemed effective on 1 July 2018 and applicable in respect of years of assessment ending on or after that date – effective date in terms of section 53(2) of Act 25 of 2015 as substituted by section 108(1) of Act 23 of 2018 and effective date in section 46(2) of Act 17 of 2017 as substituted by section 114(1)(a) of Act 23 of 2018)]