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2. In its application to the valuation of a policy of which the sum assured or guaranteed has been increased under regulation 5 or 6 of the 1977 Regulations and the increase has been amended under regulation 5 or 7, Schedule 4 to the Industrial Assurance Act 1923 shall have effect subject to the following modification—
The value of the policy shall be computed and approved by an actuary in accordance with principles which take account of changes in the authorised percentage and which are approved by the Industrial Assurance Commissioner.
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