Section 123. [

123. [ Repeals .] — Rep. by s. 2 and the First Schedule ibid, ( w.e.f. 17-9-1957). THE FIRST SCHEDULE— REGULATIONS AND FORMS FOR THE PREPARATION OF BALANCE-SHEET- Omitted by the Insurance (Amendment) Act , 2002 (42 of 2002), s. ( w.e.f. 23-9-2002). BALANCE-SHEET- Omitted by the Insurance (Amendment) Act , 2002 (42 of 2002), s. 18 THE SECOND SCHEDULE— REGULATIONS AND FORMS FOR THE PREPARATION OF PROFIT AND LOSS ACCONTS - Omitted by s. 18, ibid. ( w.e.f. 23-9-2002). THE THIRD SCHEDULE— REGULATIONS AND FORMS FOR THE PREPARATION OF REVENUE ACCOUNTS - Omitted by s . 18, ibid. (w.e.f. 23-9-2002). THE FORTH SCHEDULE— REGULATIONS FOR THE PREPARATION OF ABSTRACTS OF ACTUARIES - — REPORTS AND REQUIREMENTS APPLIACABLE TO SUCH ABSTRACTS Omitted by s. 18, (w.e.f. 23-9-2002). REPORTS AND REQUIREMENTS APPLIACABLE TO SUCH ABSTRACTS — Omitted by s. 18, ibid. THE FIFTH SCHEDULE— REGULATIONS FOR PREPARING STATEMENTS OF BUSINESS IN FORCE AND REQUIRMENTS APPLICABLE TO SUCH STATEMENTS - Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s. 102 ( w.e.f. 26-12-2014). THE SIXTH SCHEDULE- TERMS DEEMED TO BE INCLUDED IN EVERY CONTRACT BETWEEN AN INSURER CARRYING ON GENERAL INSURANCE BUSINESS AND A PRINCIPAL AGENT- Omitted by s. 102 , ibid. ( w.e.f. 26-12-2014). 1[THE SEVENTH SCHEDULE] ( See section 55) RULE AS TO THE VALUATION OF THE LIABILITIES OF AN INSURER IN INSOLVENCY OR LIQUIDATION The liabilities of an insurer in respect of current contracts effected in the course of life insurance business including annuity business, shall be calculated by the method and upon the basis to be determined by an actuary approved by the Court, and the actuary so approved shall, in determining as aforesaid, take into account — (a) the purpose for which such valuation is to be made, (b) the rate of interest and the rates of mortality and sickness to be used in valuation, and