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(1) Subject to the provisions of this Act, the following provisions of the Insurance Law 1989 (P.N.D.C.L. 227) shall apply to private commercial health insurance schemes:

(a) section 21 (1)(b) (relating to margin of solvency);

(b) section 23 (1) and (2) (relating to reserves);

(c) section 24 (relating to payment of dividend);

(d) section 25 (relating to credit on payment of premium);

(e) section 26 (1) and (2) (b) (relating to investments);

(f) section 35 (relating to standards of principal officers);

(g) section 38 (relating to records of business transacted in and outside the country);

(h) section 45 (relating to payment of commission to unregistered intermediaries);

(i) section 48 (relating to winding up of insurance companies);

(j) Part V (relating to insurance intermediaries);

(k) section 57 (relating to duty to disclose material facts);

(l) sections 58 and 59 (relating to test of materiality and effect of misstatements); and

(m) sections 65 and 66 (relating to avoidance of conflict of interest and inspection of documents in custody of the Council).

(2) A reference to the National Insurance Commission in any of the provisions of the Insurance Law 1989 (PNDCL 227) applied by this Act, shall be read as a reference to the Council established under section 1 of this Act.