Article (72) Examination and Assessment of Long-Term Insurance Business

(a) Every long-term insurance company shall appoint an actuary to examine and assess the long-term insurance business. A copy of the actuary's report shall be sent to the Central Bank within three months after the end of the financial year. The Report shall be accompanied by a declaration by the company confirming that all particulars and information required for reaching an accurate assessment were made available to the actuary.
(b) If it appears to the Central Bank that the Actuary's report does not really reflect the financial position of the long-term insurer due to inappropriate assessment procedure, the Governor may appoint another actuary to re-examine the situation at the cost of the company.