Subdiv 5Payment of premiums

Subdivision 5—Payment of premiums 39—Payment of premiums by members (1) Premiums payable by a member, including the disability pension premium, will be debited against the member's accounts in accordance with regulation 16. (2) If the debiting of a premium for invalidity/death insurance under subregulation (1) would result in a debit balance in 1 or more of the member's accounts— (a) premiums will be debited against the member's accounts to the extent of any credit balance in those accounts until the insurance is cancelled under paragraph (b); and (b) the member's invalidity/death insurance is cancelled on the expiration of the designated period unless, before the end of that period, 1 or more of the member's accounts is sufficiently in credit for the purposes of this regulation. (3) If the debiting of a disability pension premium under subregulation (1) would result in a debit balance in 1 or more of the member's accounts— (a) premiums will be debited against the member's accounts to the extent of any credit balance in those accounts until the entitlement to a pension is cancelled under paragraph (b); and (b) the member's entitlement to a disability pension in the event of incapacity for work is cancelled on the expiration of the designated period unless, before the end of that period, 1 or more of the member's accounts is sufficiently in credit for the purposes of this regulation. (4) For the purposes of this regulation— (a) the designated period is a period commencing on the day on which debiting of a premium would, if it were to occur, first result in a debit balance in an account of a member and ending on a day determined by the Board; and (b) an account of a member is sufficiently in credit if there are sufficient funds in the account to satisfy any arrears in premiums between the day that the debiting of a premium would have first resulted in a debit balance in the account and the end of the designated period.