1. Insurance Companies that carry on the insurance of Persons and fund accumulation operations shall examine the financial position of this type of insurance and assess the value of its outstanding obligations on a quarterly basis by an Actuary, as of the commencement date of their business. 2. Such an assessment shall cover all insurance operations concluded by the concerned company inside and outside the State, separately. If the activity is carried on by a branch of a foreign Insurance Company, the assessment shall be limited to the operations whose contracts were concluded in the State, or which are concluded therein. 3. The assessment referred to in item (1) of this article shall be conducted whenever the Insurance Company wishes to examine its financial position to determine the percentages of profits to be distributed to shareholders or Insured, or whenever it wishes to announce such financial position.
Interpretation and application must be checked against the official text and current version.