44. Restrictions on dividends and bonuses

No insurer who carries on long term insurance business shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to its policy holders, or of making any payment in service of any debentures, loans or advances on account, utilize directly or indirectly any portion of the Long

Term Insurance Fund or of the funds of such other class of insurance business, except a surplus shown in the valuation balance sheet submitted to the Board as part of the abstract referred to in section 48 as a result of an actuarial valuation of the assets and liabilities of the insurer ; and such surplus shall not be increased by contributions out of any reserve fund or otherwise, unless such contributions have been brought in as revenue through the revenue account applicable to long term business on or before the date of the valuation aforesaid, except when the reserve fund is made up solely of transfers from similar surpluses disclosed by valuation in respect of which returns have been submitted to the Board under section 49 of this Act.