(1) The Bank shall not make provisions requiring the prior approval or systematic notification of general and special policy conditions, scales of premiums, forms and other printed documents which an insurance undertaking intends to use in its dealing with policyholders. The Bank may, however, require notification of the general and special policy conditions and other documents considered necessary for the purposes of verifying compliance with laws, Regulations and administrative provisions concerning insurance contracts. A notification requirement shall not constitute a prior condition for an insurance undertaking to carry on business in the State.
(2) The Bank may retain or introduce prior notification or approval of proposed increases in premium rates where such notification or approval is operated as part of a general price control system.