(1) The amount of the * complying superannuation liabilities of a * life insurance company is to be worked out in accordance with subsection (2) in respect only of * life insurance policies issued by the company:
(a) that are * complying superannuation life insurance policies; and
(b) the liabilities under which are to be discharged out of the company's * complying superannuation assets.
(2) The amount of the complying superannuation liabilities of a * life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an * actuary:
(a) for policies providing for * participating benefits or * discretionary benefits:
(i) the values of supporting assets, as defined in the * Valuation Standard; and
(ii) the * policy owners' retained profits;
(b) for other policies--the * current termination values.