5. The actuary shall, before approving the yearly distribution of surplus under section 16(5) or (5A) of the Act, satisfy himself that the distribution of surplus to policyholders is fair and equitable, taking into account —
(a)
the statutory requirements under section 16(5) or (5A) of the Act;
(b)
equity between policyholders and shareholders;
(c)
equity among different generations of policyholders; and