4.—(1) Subject to regulations 5 and 6, the annual premium payable for each insured sum shall be —
(a)
in the case of an insured sum of $46,000, subject to the maximum limits of the annual premium set out in the First Schedule; and
(b)
in the case of an insured sum of less than $46,000 and upon approval by the Board, such sum consisting of a pro-rated amount of the annual premium payable under sub-paragraph (a).
(2) The Board shall deduct the amount of annual premium payable by an insured person from the contributions standing to his credit in the ordinary account and, where those contributions are insufficient, the deficiency may be recovered from the contributions standing to his credit in the special account.
(3) Where the amount standing to the credit of a member in the Fund is insufficient to pay for the full annual premium in respect of any insured sum, the member may apply to the appointed insurer with whom he is insured for the deficiency to be paid in such other manner as may be approved by the Board.