Eligibility for premium discount prior to implementation date
5.—(1)  An insured person who has attained the age of 55 years before the implementation date and who, immediately before attaining that age, was insured under the Scheme shall, from the next policy renewal date of his insurance cover, be entitled to the premium discount set out in the second column of the Second Schedule corresponding to the number of years (as set out in the first column of the Second Schedule) that he has been insured under the Scheme without any break in insurance cover as at the age of 55 years.
(2)  Notwithstanding paragraph (1), no person shall be entitled to a premium discount in respect of any annual premium unless his insurance cover is renewed within one month of the expiry of the previous insurance cover.
(3)  Any member who was not entitled to any premium discount before the implementation date shall not be entitled to any free cover under regulation 6 after the implementation date, notwithstanding his attainment of the age of 55 years.
(4)  For the purposes of this regulation, there is no break in insurance cover if —
(a)the annual premium for renewal of insurance cover under the Scheme has been paid within one month of the expiry of the previous insurance cover under the Scheme; and
(b)the insurance cover has been renewed for an insured sum of not less than $5,000.