10. Section 47 of the principal Act is repealed and the following sections substituted therefor:
—(1) Where the prescribed premium payable under the Scheme has been paid or deducted from an insured person’s contributions under section 45, that person shall be covered under the Scheme by an appointed insurer assigned by the Board from the date of such payment or deduction for a period of 12 months after the date of commencement of his insurance cover.
(2) Subject to the provisions of this Part, the insurance cover under the Scheme shall be renewed annually in accordance with the prescribed requirements.
48. The rights and benefits of an insured person arising from his insurance cover under the Scheme shall not be assignable or transferable.