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The Industrial Assurance (Life Assurance Premium Relief) Regulations 1977
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4.—(1) A resolution adopting the prescribed scheme may provide that in respect of any specified class of policy or contract issued or made by the company or society before 6th April 1979 to which the scheme applies under which the premium does not exceed £4 every four weeks the premium shall be increased with effect from that date to such sum as after deduction of 17½ per cent thereof equals the amount expressed in the policy or contract to be the premium.
(2) Where such provision is made the resolution shall operate so as to effect the above mentioned increase in the premium payable under every policy or contract of a class to which the provision relates, and the prescribed scheme shall take effect accordingly.
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