26
CAP. 41]
Insurance Companies
[1988 Ed.
(b) to be received by it in a specified period in consideration of the undertaking by the insurer during that period of liabilities in the course of carrying on long term business or any specified part of such business,
shall not exceed a specified amount.
(2) A requirement under this section may apply either to the aggregate premiums to be received as mentioned in subsection (1) or to the aggregate of those premiums after deducting any premiums payable by the insurer for reinsuring the liabilities in consideration of which the first-mentioned premiums are receivable.
Actuarial investigations
32. (1) The Insurance Authority may require an insurer which carries on long term business--
(a) to cause the person who for the time being is its actuary under section 15 to make an investigation into its financial condition (including a valuation of its liabilities) in respect of that business, or any specified part of that business, as at a specified date;
(b) to cause an abstract of that person's report of the investigation to be made; and
(c) to prepare a statement of its long term business or of that part thereof as at that date.
(2) For the purposes of any investigation made in pursuance of a requirement under this section the value of any assets and the amount of any liabilities shall be determined in accordance with any applicable valuation regulations.
(3) The form and contents of any abstract or statement made in pursuance of a requirement under this section shall be the same as for an abstract or statement made under section 18.
(4) Two copies of any abstract or statement made in pursuance of a requirement under this section shall be deposited by the insurer with the Insurance Authority on or before such date as he may specify, and 1 of those copies shall be a copy signed by the persons required to sign copies of abstracts or statements made under section 18 which are deposited under section 20.
Acceleration of information required by accounting provisions
33. (1) The Insurance Authority may require any documents which under section 20 are required to be deposited with him by an insurer within the period specified in that section to be deposited with him on or before a specified date before the end of that period, being a date not earlier than 3 months before the end of that period and not earlier than 1 month after the date on which the requirement is imposed.
26
CAP. 41]
Insurance Companies
[1988 Ed.
(b) to be received by it in a specified period in consideration of the undertaking by the insurer during that period of liabilities in the course of carrying on long term business or any specified part of such business,
shall not exceed a specified amount.
(2) A requirement under this section may apply either to the aggregate premiums to be received as mentioned in subsection (1) or to the aggregate of those premiums after deducting any premiums payable by the insurer for reinsuring the liabilities in consideration of which the first-mentioned premiums are receivable.
Actuarial investigations
32. (1) The Insurance Authority may require an insurer which carries on long term business--
(a) to cause the person who for the time being is its actuary under section 15 to make an investigation into its financial condition (including a valuation of its liabilities) in respect of that business, or any specified part of that business, as at a specified date;
(b) to cause an abstract of that person's report of the investigation to be
made; and
(c) to prepare a statement of its long term business or of that part thereof
as at that date.
(2) For the purposes of any investigation made in pursuance of a requirement under this section the value of any assets and the amount of any liabilities shall be determined in accordance with any applicable valuation regulations.
(3) The form and contents of any abstract or statement made in pursu- ance of a requirement under this section shall be the same as for an abstract or statement made under section 18.
(4) Two copies of any abstract or statement made in pursuance of a requirement under this section shall be deposited by the insurer with the Insurance Authority on or before such date as he may specify, and 1 of those copies shall be a copy signed by the persons required to sign copies of abstracts or statements made under section 18 which are deposited under section 20.
Acceleration of information required by accounting provisions
33. (1) The Insurance Authority may require any documents which under section 20 are required to be deposited with him by an insurer within the period specified in that section to be deposited with him on or before a specified date before the end of that period, being a date not earlier than 3 months before the end of that period and not earlier than 1 month after the date on which the requirement is imposed.
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