Cap. 403 Art. 23Periodic actuarial investigation of an undertaking with long term business.

(1) Every authorised insurance undertaking carrying on long term with-profits business in terms of classes I and III as specified in the Second Schedule shall, at the close of its financial year, require the approved actuary to provide a report in respect of the period covered by the report affecting those classes of with-

profits business of the undertaking.

(2) The information to be provided in the report shall be determined by Insurance Rules issued by the competent authority for the purposes of this article.

(3) The actuary’s report shall be forwarded by the undertaking concerned to the competent authority, together with the audited financial statements of the undertaking required to be forwarded under article 20.

(4) Notwithstanding anything contained in any of the foregoing sub-articles, in the case of a third country insurance undertaking authorised to carry on long term with-profits business in terms of classes I and III as specified in the Second Schedule, the competent authority may approve such alternative arrangements as it thinks reasonable and which do not materially detract from the main objects of this article, and where such arrangements have been carried out, the provisions of this article shall not apply to the extent that they are replaced by such arrangements.