Clause 9

by inserting, immediately after subsection (15) of section 15, the following subsection:“(15A) Section 73 of the Conveyancing and Law of Property Act (Cap. 61) and sections 49L and 49M of the Insurance Act (Cap. 142) shall not apply to any annuity purchased with the minimum sum.”;

by inserting, immediately after subsection (2) of section 24, the following subsection:“(2A) Section 73 of the Conveyancing and Law of Property Act (Cap. 61) and section 49L of the Insurance Act (Cap. 142) shall not apply to —

any policy of insurance which is an investment made by a member of the Fund under any scheme in accordance with any regulations made under section 77(1)(n) the proceeds or benefits (or any part thereof) of which the member is obliged to repay into the Fund; and

any proceeds or benefits of such a policy of insurance which the member is obliged to repay into the Fund.”; and

by inserting, immediately after the words “(Cap. 61)” in section 48A(2), the words “and section 49L of the Insurance Act (Cap. 142)”.