5.—(1) In determining whether a premium or rate of premium for a life policy or long-term accident and health policy is suitable for the purposes of section 24 of the Act, the appointed actuary of a direct life insurer shall take into account the impact of the premium or rate of premium on the prospective financial condition of the insurer.
(2) The appointed actuary shall at all times be satisfied as to the appropriateness of the rates of premium charged by the insurer by whom he was appointed for its life policies and long-term accident and health policies and the impact of such rates on the prospective financial conditions of the insurer.