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22. Power of 1[Authority] to order revaluation.-

2[(1)] If it appears to the 1[Authority] that an investigation or valuation to which section 13 refers 3*** does not properly indicate the condition of the affairs of the insurer by reason of the faulty basis adopted in the valuation, he may, after giving notice to the insurer and giving him an opportunity to be heard, cause an investigation and valuation 4[as at such date as the 1[Authority] may specify] to be made at the expense of the insurer by an actuary appointed by the insurer for this purpose and approved by the 1[Authority] and 4[and the insurer shall place at the disposal of the actuary so appointed and approved all the material required by the actuary for the purposes of the investigation and valuation within such period, not being less than three months, as the 1[Authority] may specify],

5[(2) The provisions of sub-sections (1) and (4) of section 13, and of sub-sections (I) and (2) of section 6***, shall apply in relation to an investigation and valuation under this section: Provided that the abstract and statement prepared as the result of such investigation and valuation shall be furnished by such date as the 1[Authority] may specify.]

Insurance Act, 1938 Back

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