3.—(1) Subject to paragraph (4), the sum for which a member shall be insured under the Scheme on or after the implementation date shall be —
(a)
in the case of a member who is not entitled to any free cover, $46,000 or, where the amount standing to his credit in the Fund is insufficient to pay the annual premium (the maximum amount of which is set out in the First Schedule) for the insurance cover, such lesser amount as may be approved by the Board; and
(b)
in the case of a member who is entitled to free cover, the total sum of —
(i)
$46,000 or, where the amount standing to his credit in the Fund is insufficient to pay the annual premium (the maximum amount of which is set out in the First Schedule) for the insurance cover, such lesser amount as may be approved by the Board; and
(ii)
the amount of free cover which he is entitled to under regulation 6.
(2) Subject to paragraph (4), where a member is not entitled to any free cover, the maximum sum for which he is insured under the Scheme on or after the implementation date shall be $46,000.
(3) The minimum sum for which a member is insured under the Scheme on or after the implementation date shall be —
(a)
in the case of a member who is entitled to free cover, $1,222; and
(b)
in the case of a member who is not entitled to any free cover, $5,000.
(4) The maximum sum for which a member is insured in respect of any death or incapacity which occurred before the implementation date or is deemed to have occurred before the implementation date shall be $44,000.