A company or society shall, not more than twenty-eight days and not less than seven days before the expiry of a period of protection, serve upon the owner of the policy in question a notice in form F set out in the Schedule hereto, and where there is default in serving such notice within the time aforesaid the period of protection shall, notwithstanding that it would otherwise expire, be extended by virtue of this Regulation so as not to expire until the company or society has served such notice after the time aforesaid and seven days have elapsed from the date of the serving thereof.

Provided that where a company or society has served upon the owner of the policy a notice pursuant to paragraph (2) of Regulation 4, it shall not be required to serve a further notice pursuant to this Regulation, and the provision of this Regulation with regard to the extension of the period of protection shall be without effect.