.-(1) Whenever an investigation is made into the financial condition of a provident society under section 81 of the Act, the report of the actuary--(a)shall, so far as practicable, be prepared in accordance with the regulations and requirements contained in the Fourth Schedule to the Act except that it shall not be necessary to supply a consolidated revenue account in Form G, a statement in Form DDD of additions to and deductions from policies and a statement in Form DDDD of particulars of policies forfeited or lapsed;(b)shall contain in the appropriate places the information required in clauses (a) to (e) of sub-section (2) of section 81;(c)shall state the proportion of the renewal premium income spent in payment of commission and other expenses in each year during the period since the last investigation after allowing as the cost of the new business of the year, 71/2 per cent of single premiums and 90 per cent of first year's premiums falling due in the year after deduction of those unpaid under policies allowed to lapse in the year;(d)shall state whether the actuary has taken steps to prevent the policy reserve values from being less than the minimum surrender values;(e)shall have appended to it a certificate as prescribed in sub-section (2) of section 81; and(f)shall contain a statement that in no case where a policy has been written off as a lapse does there exist any further liability actual or contingent.(2)Where an investigation into the financial condition of a provident society is made as at a date other than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance-sheet as at the date at which the investigation is made shall be prepared and audited in the manner provided by the Act and these rules.
