(1) Every company carrying on long-term insurance business shall, every 3 years or at such shorter intervals as the company notifies the Registrar to be the intervals adopted by it for the purposes of this section—
(a) cause its actuary to make an investigation into its financial condition including a valuation of its liabilities in respect of every class of long-term insurance business and to furnish the Registrar with a report of the result of the investigation; and
(b) cause an abstract of the report of the actuary and a statement of its long-term insurance business to be prepared.
(2) A valuation balance sheet shall be annexed to every abstract prepared under this section.
(3) The basis of valuation adopted shall be such as to place a proper value upon the liabilities, having regard to the average rate of interest from investments and to expenses of management, including commissions, and shall be such as to ensure that no policy shall be treated as an asset.