(1) Every undertaking which carries on life assurance periodic business -
(a) shall, once in every period of 12 months, cause an investigation to be made into its financial condition in respect of that business by the person who for the time being is its appointed actuary; and
(b) when such an investigation has been made, or when at any other time an investigation into the financial condition of the undertaking has been made with a view to the distribution of profits, or the results of which are made public, shall cause an abstract of the actuary's report of the investigation to be made.
(2) An investigation to which subparagraph (1) (b) of this Article relates shall include -
(a) a valuation of the liabilities of the undertaking attributable to its life assurance business; and
(b) a determination of any excess over those liabilities of the assets representing the fund or funds maintained by the undertaking in respect of that business and, where any rights of life assurance policy