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7. Where by virtue of regulation 6 of the 1977 Regulations a person insured under a policy or contract irrevocably elected that the premium under the contract under which he was insured should be increased with effect from 6th April 1979, the amendment to the gross premium shall apply as from the effective date as if it had been effected under regulation 4(2), and regulations 5 and 6 shall apply in respect of an amended premium under this regulation as they apply in relation to an amendment under regulation 4.
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