Report of financial condition investigation to board of directors
12.—(1)  The actuary approved for the purpose of an investigation under section 37 of the Act shall, for each accounting period of the registered insurer in respect of which the actuary is approved, submit to the directors of the registered insurer all reports on, and all necessary documents relating to, the investigation on the financial condition of the life business of the insurer required under that section.
(2)  The actuary shall, where required by the directors of the insurer, explain any report or document submitted to them under paragraph (1).