Returns on actuarial investigation of life business
12.—(1) For the purposes of section 36(1) of the Act, a captive insurer registered to carry on life business shall lodge for each accounting period —
(a)
in respect of the actuarial investigation under section 37(1) of the Act of its life business, and separately for each insurance fund established and maintained under the Act —
(i)
a statement in Form 14, giving an abstract of valuation results in respect of its life business; and
(ii)
a statement in Form 16, giving an analysis of experience of the insurance fund;
(b)
in respect of the actuarial investigation under section 37(1) of the Act of participating fund allocations to policies and to the surplus account in accordance with section 17(6) of the Act —
(i)
a statement in Form 18, giving particulars of participating fund allocations; and
(ii)
an actuary’s certificate in Form 19, which shall state the actuary’s opinion on the allocations to participating policies and to the surplus account; and
(c)
an actuary’s report on the actuarial investigation under section 37(1) of the Act of policy liabilities relating to its life business, which shall be signed by the actuary.
(2) For the purposes of section 37(1) of the Act, a captive insurer registered to carry on life business shall lodge for each accounting period, in respect of the actuarial investigation of policy liabilities relating to its life business —
(a)
an abstract of the actuary’s report on policy liabilities relating to its life business, which shall include the matters specified in paragraph 1 of the Second Schedule to the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004); and
(b)
an actuary’s certificate in Form 17, which shall —
(i)
state the actuary’s opinion on policy liabilities relating to the life business of the insurer; and
(ii)
certify that the valuation was done in accordance with any applicable requirement stipulated under the Act or a direction issued under the Act.