3.—(1) Subject to paragraph 2, sections 17 (17) and 20 of the Act shall not apply to any Protection and Indemnity Club.
(2) Paragraph (1) shall only apply if the Protection and Indemnity Club maintains such accounts and records of the insurance funds as the Authority may specify.
Exemption from actuarial certification of liabilities
4. Section 37 of the Act shall not apply to any Protection and Indemnity Club.
Exemption in respect of Policy Owners’ Protection Fund
5. Section 46 of the Act shall not apply to —
(a)
any Protection and Indemnity Club; and
(b)
any policy owner or other person who has been or may be prejudiced in consequence of the inability of any Protection and Indemnity Club to meet its liability under insurance policies issued by it.
Exemption from Insurance Regulations
6. Regulations 3, 18, 18A, 19 and 20A of the Insurance Regulations (Rg 1) shall not apply to a Protection and Indemnity Club.