OBS_VALUE: A direct insurer licensed to carry on life business shall not issue a life policy or a long-term accident and health policy of any description, being a Singapore policy or an offshore policy, if the premium chargeable under the policy is not in accordance with rates fixed with the approval of the actuary or, where no rates have been so fixed for policies of that description issued by the insurer, is not a premium approved for the policy by the actuary. The Monetary Authority of Singapore may require a direct insurer to furnish it with — (a) a report by the actuary as to the suitability of the rates of premium for the time being chargeable by the insurer for any description of life policy or long-term accident and health policy; and (b) if the actuary considers that the rates of premium are not suitable or not in accordance with sound insurance principles, a report as to the rates of premium which the actuary approves for that description of policy.