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Insurance Companies Act 1982

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This is the original version (as it was originally enacted).

18Periodic actuarial investigation of company with long term business

(1)Every insurance company to which this Part of this Act applies which carries on long term business—

(a)shall, once in every period of twelve months, cause an investigation to be made into its financial condition in respect of that business by the person who for the time being is its actuary under section 19(1) below or any corresponding enactment previously in force; and

(b)when such an investigation has been made, or when at any other time an investigation into the financial condition of the company in respect of its long term business has been made with a view to the distribution of profits, or the results of which are made public, shall cause an abstract of the actuary's report of the investigation to be made.

(2)An investigation to which subsection (1)(b) above relates shall include—

(a)a valuation of the liabilities of the company attributable to its long term business; and

(b)a determination of any excess over those liabilities of the assets representing the fund or funds maintained by the company in respect of that business and, where any rights of any long term policy holders to participate in profits relate to particular parts of such a fund, a determination of any excess of assets over liabilities in respect of each of those parts.

(3)At least once in every period of five years an insurance company to which subsection (1) above applies shall prepare a statement of its long term business at the date to which the accounts of the company are made up for the purposes of an investigation in pursuance of paragraph (a) of that subsection.

(4)For the purposes of any investigation to which this section applies the value of any assets and the amount of any liabilities shall be determined in accordance with any applicable valuation regulations.

(5)The form and contents of any abstract or statement under this section shall be such as may be prescribed.

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