Returns on actuarial investigation of life business
4.—(1)  An insurer registered in respect of life business, to comply with section 37(1) of the Act in the case of any actuarial investigation, shall lodge such documents as are mentioned in this regulation.
[S 18/2002 wef 08/01/2002]
(2)  There shall be lodged an abstract of the actuary’s report, prepared in compliance with the requirements of the Fifth Schedule, which shall be signed by the actuary and shall include —
(a)a summary and valuation of the policies as at the date of the investigation, which shall —
(i)in respect of life business, other than life reinsurance business, be in Form 13; and
(ii)in respect of life reinsurance business, be in Form 13A; and
(b)a valuation result and distribution of surplus, which shall be in Form 14 for each of the separate funds maintained and one for total non-investment-linked business, as at the date of the investigation of the business to which the report relates.
(3)  A direct insurer shall lodge an actuary’s report, signed by the actuary, on the financial condition of the insurer based on the solvency testing carried out by the actuary under the Insurance (Duties of Actuary) Regulations (Rg 3).
(4)  Subject to paragraph (6), there shall be lodged a certificate by the actuary, signed by him, stating that he has satisfied himself as to the accuracy of the valuations made for the purposes of the investigation and as to their adequacy to meet the obligations of the insurer and made in accordance with the Act, and as to the accuracy of the data on which they are based.
(5)  The actuary shall also disclose and quantify in the certificate the financial impact of any material event which occurs after the valuation date.
(6)  If the actuary is not a permanent officer of the insurer, the certificate shall, so far as it relates to the accuracy of the data on which the valuations are based, be given and signed by or on behalf of the insurer’s principal officer in Singapore, and the actuary shall in his part of the certificate state the precautions taken by the actuary to ensure the accuracy of the data.
(7)  There shall be lodged statements signed by the actuary analysing as at the date of the investigation the position as regards policies and premiums of the business to which the report relates.
(8)  An insurer shall, on establishing its offshore insurance fund under the Act, lodge in respect of policies belonging to the life business for which the insurer has established an offshore insurance fund a summary and valuation prepared and signed by a qualified actuary of those policies as at the beginning of the accounting period, together with the report and certificate mentioned in paragraphs (3) and (4).