At least once a year, every insurer carrying on life insurance business shall cause an investigation of the life insurance business carried on by him including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to made in accordance with the regulations.

The Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two’ years from the date as at which the previous investigation was made.

If the investigation is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.

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