Periodic investigations of companies on long term business

(1) Every insurance company which carries on long-term insurance business shall, annually, cause an investigation into its financial position, including a valuation of its liabilities, to be made by an independent actuary. (2) Every such company shall, whenever its financial position is investigated with a view of distribution of surplus or in compliance with sub-section (1), prepare and furnish to the 81 Supervisor in the prescribed form, within four months of the date up to which its accounts are made for purposes of the investigation, an abstract of the report of the actuary by whom investigations were made and a statement of its long-term business at that date. (3) Section 40(5) and (11) shall, with such modifications as may be necessary, apply in relation to a document required to be prepared under section 40. (4) In the case of a mutual insurance company which carries on life insurance business or industrial life insurance business and whose profits are allocated to members wholly or mainly by annual statements of premium, the company shall, where the abstract required by this section is not made annually, include with the copies of each such abstract furnished to the Supervisor under this section particulars as to the rates of abatement of premium applicable of insurance allowed in each year during the period which has elapsed since copies of such an abstract were previously so furnished.