The following sections are substituted for section 12 of the Principal Act:
(1) The Minister may prescribe a scheme or schemes of risk equalisation (which or each of which shall be known as a risk equalisation scheme and is referred to in this Act as 'a scheme').
(a) Subject to paragraphs (b) and (c), a scheme shall apply to each registered undertaking and each such undertaking shall comply with the terms and conditions of the scheme.
(b) A scheme may include a provision specifying that the scheme shall not, at any time on and from the service on the Minister of the notice hereafter referred to, apply to a restricted membership undertaking which -
(i) was carrying on business in the State before the commencement of section 9 of the Health Insurance (Amendment) Act, 2001, and
(ii) was, on 1 May 2000, a registered undertaking,
if, before a date specified for the purposes of this subsection by the Minister, the undertaking serves a notice on the Minister stating that it does not
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