Approved bank or insurer
8.—(1)  The Board may from time to time appoint any bank with whom a member may deposit the minimum sum or an insurer from whom a member may purchase an approved annuity with the minimum sum which he is required to set aside under section 15(6) of the Act.
(2)  Any bank or insurer appointed by the Board under paragraph (1) shall comply with the relevant provisions of the Act, these Regulations and any terms, conditions or directions imposed or given by the Board relating to the minimum sum scheme.