2. Where any sum has been paid by the registered friendly society or industrial assurance company under the surrendered policy, before the surrender of the policy, the sums assured by the free paid-up policy shall be[F1 and approved by an actuary in accordance with principles which take account of the substitution of 12½ per cent. for 15 per cent. effected by section 29 of the Finance Act 1988 and which are approved by[F2 an independent actuary whose appointment has been agreed by the society or company (as the case may be) and the policyholder].].N.I.