(1) Subject to subsection (5) and section 7A -

(a) a registered undertaking shall not make an offer to effect a health insurance contract of a particular type -

(i) unless the offer is maintained -

(I) for a period of not less than 60 consecutive days commencing on the day on which the offer is first made, and

(II) throughout that period on the same terms and conditions on which the offer is first made,

and

(ii) unless the offer is to effect that contract for a period of 12 consecutive months except that the offer may be to effect the contract for a shorter or longer period if, and only if -

(I) in all the circumstances of the case, there is good and sufficient reason for doing so, and

(II) the entering into of the contract by the undertaking does not in any way prejudice the achievement of the principal objective,

and