Section 29: Actuarial valuation.

(1) An insurer transacting life insurance business shall in respect of its life insurance business once in every period of 3 years, cause an investigation to be made into its financial position by an actuary appointed or secured by the insurer.
(2) An investigation under subsection (1) of this section shall include-
(a) a valuation of the assets and liabilities of the insurer; and
(b) a determination of any excess over those liabilities of the assets representing the funds maintained by the insurer.
(3) For the purpose of an investigation under this section, the value of any asset and the amount of liability shall be determined in accordance with applicable valuation regulations.