3.—(1) The actuary shall value the actuarial and other policy liabilities of the insurer with respect to its life insurance business as at the end of each accounting period and any other matters specified in any direction that may be made by the Authority.
(2) The valuation under paragraph (1) shall be in accordance with generally accepted actuarial practice with such changes as may be determined by the Authority and any additional directions that may be made by the Authority.
(3) The valuation under paragraph (1) shall not be less than that determined based on the statutory minimum valuation basis specified in regulation 26 of the Insurance Regulations unless prior approval is obtained from the Authority and such valuation shall be adequate to meet all future liabilities of life policies.