Insurance Companies Amendment Act 1973

3 Periodic actuarial investigation of company with long term business

(1) In subsection (1) of section 5 of the [1958 c. 72.] Insurance Companies Act 1958 (hereafter referred to as " the Act of 1958 ") references to an investigation into the financial condition of a company and to a valuation of its liabilities shall be construed as references to an investigation into its financial condition, and to a valuation of its liabilities, in respect of its long term business only; and in subsection (2) of that section the reference to a statement of a company's insurance business shall be construed as a reference to a statement of its long term business only.

(2) The contents of any abstract or statement to be made under the said section 5 shall be such as may be prescribed.

(3) For the purposes of any investigation to which the said section 5 applies the value of any assets and the amount of any liabilities shall be determined in accordance with any applicable valuation regulations.

(4) Any such investigation shall be made by the person who for the time being is the company's actuary under subsection (5) below.

(5) Every insurance company to which the Act of 1958 applies which carries on long term business shall—

(a) if it is carrying on such business at the passing of this Act, within one month of the passing of this Act, and

(b) if it subsequently begins to carry on such business, within one month of its beginning to do so,

appoint an actuary as actuary to the company; and whenever an appointment under this subsection comes to an end the company shall as soon as practicable make a fresh appointment.

(6) A company making an appointment under subsection (5) above shall within fourteen days serve on the Secretary of State a written notice stating that fact and the name and qualifications of the person appointed; and if an appointment under that subsection comes to an end the company shall within fourteen days serve on the Secretary of State a written notice stating that fact and the name of the person concerned.