27A.—(1) In this Part, unless the context otherwise requires —
“applicant” means an applicant for registration as an insurance broker referred to in section 35X of the Act;
“exempt direct general insurance broker” means an exempt insurance broker carrying on business as a direct general insurance broker;
“exempt insurance broker” means any person who is exempt from registration as an insurance broker under section 35ZN (1)(a) to (e) of the Act in respect of carrying on business as an insurance broker;
“net asset value”, in relation to a company, means the excess of the value of the assets owned by the company over its liabilities.
(2) For the purposes of this Part —
(a)
in determining the value of the assets owned by a company, any amount on account of goodwill or of any other intangible assets shall be disregarded; and
(b)
in determining the amount of the liabilities of a company, all contingent or prospective liabilities shall be taken into account but not any amount on account of any liability related to the share capital of the company.