14.—(1) Subject to paragraph (2), sections 17 (16) 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 established and maintained by it under the Act as the Authority may specify.
Exemption from actuarial certification of liabilities
15. Section 37 of the Act shall not apply to any Protection and Indemnity Club.
Exemption in respect of Policy Owners’ Protection Fund
16. 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 liabilities under insurance policies issued by it.