11. An actuary approved for the purpose of an investigation under section 37(1)(a) of the Act shall investigate into the financial condition of the life business of a direct life insurer —
(a)
by valuing the liabilities of the insurer with respect to policies of its life business as at the end of each accounting period of the insurer and carrying out any other investigation on such liabilities which the Authority may specify in any direction to the insurer; and
(b)
by assessing the financial soundness of the insurer by conducting, at the end of each accounting period of the insurer, such prospective test of the financial condition of each insurance fund established and maintained under the Act for life business under such economic and business conditions as the Authority may specify in any direction to the insurer.