(1) Every policy of industrial assurance issued after the commencement of this Part of this Act shall, subject to the provisions of this section, contain a copy of such of the provisions of this Act as shall from time to time be prescribed by orders made by the Bank under this sub-section.

(2) The Bank may, if it thinks fit, grant permission to an industrial assurance company to insert and every such company shall thereupon insert in every policy of industrial assurance effected by such company after the commencement of this Part of this Act a statement setting forth the effect of the provisions of this Act for the time being prescribed by order made under the next preceding sub-section of this section, and such insertion shall be in lieu of and be deemed to be a compliance with the obligation imposed on every such company by the said next preceding sub-section.