—(1) Subject to this section, a registered insurer shall, once in a period of 12 months —
in respect of its life business, have an investigation made by an actuary into the financial condition of that business;
in respect of its general business, have an investigation made by an actuary into its liabilities in respect of insurance policies; and
lodge with the Authority such extract of the report of the investigation referred to in paragraph (a) or (b) or both, and certificate relating thereto, signed by the actuary or the other person who made the investigation, together with such statements as to the business as are prescribed under section 36(1).
(2) For the purposes of this section, the Authority may approve as an actuary any person meeting such requirements as the Authority may determine.
(3) The Authority may revoke the approval of a person as an actuary under subsection (2) by serving on the insurer a notice of revocation.
(4) Before revoking the approval of a person as an actuary, the Authority shall —
give the insurer notice in writing of its intention to do so; and
in the notice referred to in paragraph (a), call upon the insurer to show cause within such time as may be specified in the notice why the approval of the actuary should not be revoked.
(5) If the insurer referred to in subsection (4) —
fails to show cause within the time given to him to do so or within such extended period of time as the Authority may allow; or
fails to show sufficient cause,
the Authority shall give notice in writing to the insurer of the date on which the revocation of approval is to take effect.
(6) Any person who is aggrieved by a decision of the Authority under subsection (3) may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.
(7) An investigation under subsection (1) shall be made at the end of each accounting period.
(8) In the case of a company incorporated or established outside Singapore, the investigation required by subsection (1) need not extend beyond the business for which an insurance fund is maintained under this Act.
(9) If the company referred to in subsection (8) is required by the law relating to insurance in the country in which it is incorporated or established to furnish the authority having the administration of that law with returns as to actuarial investigations of its insurance business, the documents to be lodged with the Authority under this section shall be accompanied by certified copies of any such returns made since the company was first registered under this Act in respect of insurance business, other than returns of which copies have previously been furnished under this subsection.
(10) References in this Act to documents lodged with the Authority shall not be taken to include documents required by subsection (9) to accompany documents so lodged.
(11) Where a registered insurer —
has an actuarial investigation made into its insurance business for which it maintains an insurance fund under this Act (whether with or without any other insurance business carried on by it); and
the investigation is not made to comply with subsection (1) or with any provision as to returns in the law relating to insurance in a country outside Singapore, but the results of the investigation are made public,
then the insurer shall, as to the lodging of documents with the Authority, comply with the requirements of subsection (1) as in the case of an investigation made under that subsection.