9.—(1) The insurance cover of an insured person under the Scheme shall be renewed on the anniversary of the date of the commencement of his insurance cover.
(2) Where, at the time of renewal of the insurance cover of an insured person who is not entitled to any free cover under regulation 6, the amount standing to his credit in the Fund is insufficient to pay the annual premium for an insured sum of $5,000, his insurance cover shall not be renewed.
(3) Where the amount standing to a member’s credit in the Fund is insufficient to pay for the full annual premium in respect of any insured sum, the deficiency shall be paid by the member to the appointed insurer with whom he is insured or in such other manner as may be approved by the Board and, if the deficiency is paid within one month from the date the premium is due, that member shall be deemed to be insured under the Scheme from the date the premium first became due.