Section 55. Valuation of liabilities

55. Valuation of liabilities.— (1) In the winding up of an insurance company or in the insolvency of any other insurer the value of the assets and the liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator or receiver in insolvency thinks fit, subject, so far as applicable, to the rule contained in the[11] [Seventh Schedule] and to any directions which may be given by the[12] [Tribunal]. 1. Ins. by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014). 2. Subs. by Act 11 of 2003, s. 133 and the Schedule [serial No. 2 (b)], for "Court" (w.e.f. 1-4-2003). 3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).