Regulation 5

Where an increase in premium has been effected under regulation 4 the sum assured or guaranteed by the policy or contract under which the increased premium is payable shall be increased by an amount determined in accordance with rules which have been certified by an actuary to be fair in relation to the increased premium payable and have been approved by the Industrial Assurance Commissioner.

Where the sum assured or guaranteed by a policy or contract is increased by virtue of the preceding paragraph the company or society shall on being requested in writing to do so by the person by whom the increased premium is payable notify him in writing of the amount of the increase in the sum assured or guaranteed.