(1) The Abstracts and Statements must be so arranged that the number and letters of the paragraphs correspond with Regulation 4.
(2) The Abstracts and Statements shall be furnished to the Authority, within three months from the end of the period to which they refer to or within thirty days from the date of adoption of accounts by the Board, whichever is earlier.
(3) There shall be appended to every such Abstract and Statement –
(a) 1)Certificate signed by the Chief Executive Officer (CEO) that full and accurate particulars of every policy under which there is a liability, either actual or contingent, 3 has been furnished to the appointed actuary for the investigation; however, exceptions if any, may be brought out along with action being taken to rectify the deficiency in the valuation data.
(b) Certificate signed by the Appointed Actuary with his remarks, if any, to the effect that:- i. The data furnished by the CEO has been included in conducting the valuation of liabilities for the purpose of the investigation.
ii. He has complied with the provisions of the Act.
iii. He has complied with the Actuarial Practice Standards issued by Institute of Actuaries of India with the concurrence of the Authority.
iv. Reasonable steps have been taken to ensure the accuracy and completeness of data (if any data deficiency is observed this may be highlighted).
v. In his opinion, the mathematical reserves are adequate to meet insurer’s future commitments under the contracts, and the policyholders’ reasonable expectations.