9.—(1) The actuary shall report in writing to the principal officer of the insurer any matter which —
(a)
has come to the attention of the actuary in the course of carrying out his duties;
(b)
in the opinion of the actuary has any material adverse effect on the financial condition of the insurer in respect to its life insurance business; and
(c)
requires rectification by the insurer.
(2) The actuary shall forthwith send a copy of his report under paragraph (1) to the board of directors of the insurer or to any person designated by them as being responsible for the life insurance business in Singapore.