The following provisions shall have effect in relation to every valuation (in this Part of this Act referred to as an industrial assurance valuation) made by an industrial assurance company of its industrial assurance business at any time after the expiration of twelve months after the commencement of this Part of this Act, that is to say: -
(a) such valuation shall be made by an actuary;
(b) the basis of such valuation shall be such as to place a proper value upon the liabilities of such company, regard being had to the mortality experienced among the persons whose lives have been assured in such company, to the average rate of interest from investments, and to the expenses of management (including moneys paid by way of commission), and shall be such as to secure that no policy effected by such company shall be treated as an asset;
(c) subject to the provisions of the next following paragraph of this section, where the balance sheet of an industrial assurance company includes in the a
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