80Basis of apportionment

#### 80 Basis of apportionment (1) An apportionment for the purposes of section 78 or 79 must be made: (a) on an equitable basis; and (b) according to generally accepted accounting principles. (2) Before an apportionment is made, the directors of the company concerned must obtain the appointed actuary’s written advice whether the basis of the proposed apportionment is appropriate. (3) An apportionment is not effective unless a report given by the principal auditor of the life company for the purposes of the Financial Sector (Collection of Data) Act 2001 states that the apportionment has been made equitably and in accordance with generally accepted accounting principles.