Section 50, The Insurance Act, 2016

(1) Every insurer transacting life insurance business andlong term insurance business shall once in every three years cause an investigation to be made by an actuary into the financial conditions of the life and long term insurance businesses carried on by him including a valuation of his liabilities in respect of the businesses and shall cause an abstract of the report of such actuary to be made in accordance with the prescribed form. (2) The abstract of the report of the actuary shall be furnished to the Commissioner within twelve months of the end of the period to which such abstract relates.