The Insurers (Winding Up) (Scotland) Rules 2001

Actuarial advice

12.—(1) Before—

(a) determining the value of a policy in accordance with Schedules 1 to 5 (other than paragraph 3 of Schedule 1);

(b) identifying long-term liabilities and assets in accordance with rules 9 and 10;

(c) determining the amount (if any) of the excess of the long-term business assets in accordance with rule 11;

(d) determining the terms on which he will accept payment of overdue premiums under rule 20(1) or the amount and nature of any recompense under rule 20(2);

the liquidator shall obtain and consider advice thereon (including an estimate of any value or amount required to be determined) from an actuary.

(2) Before seeking, for the purpose of valuing a policy, the direction of the court as to the assumption of a particular rate of interest or the employment of any rates of mortality or disability, the liquidator shall obtain and consider advice thereon from an actuary.