(The version which came out last year was supposed to be "final", but nevertheless they have changed it. I don't think it's even been updated on the official site yet. This information comes from BLML.)
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A. Acceptance of Insufficient Bid.
1. Any insufficient bid may be accepted (treated as legal) at the option of offenders LHO. It is accepted if that player calls.
2. If a player makes an insufficient bid out of rotation Law 31 applies.
B. Insufficient Bid not Accepted.
If an insufficient bid in rotation is not accepted (see A) it must be corrected by the substitution of a legal call (but see 3 following). Then
1. (a) if the insufficient bid is corrected by the lowest sufficient bid in the same denomination and in the Directors opinion both the insufficient bid and the substituted bid are incontrovertibly not artificial the auction proceeds without further rectification. Law 16D does not apply but see D following.
(b ) if, except as in (a), the insufficient bid is corrected with alegal call that in the Directors opinion has the same meaning* as, or a more precise meaning* than, the insufficient bid (such meaning being fully contained within the possible meanings of the insufficient bid) the auction proceeds without further rectification, but see D following.
2. except as provided in B1 above, if the insufficient bid is corrected by a sufficient bid or by a pass, the offenders partner must pass whenever it is his turn to call. The lead restrictions in Law 26 may apply, and see Law 23.
3. except as provided in B1(b ) above, if the offender attempts to substitute a double or a redouble for his insufficient bid theattempted call is cancelled. The offender must replace it as the foregoing allows and his partner must then pass whenever it is his turn tocall. The lead restrictions in Law 26 may apply, and see Law 23.
4. if the offender attempts to replace the one insufficient bid withanother insufficient bid the Director rules as in 3 if the LHO does not accept the substituted insufficient bid as A allows.
C. Premature Replacement
If the offender replaces his insufficient bid before the Director has ruled on rectification, unless the insufficient bid is accepted as A allows the substitution stands. The Director applies the relevant foregoing section to the substitution.
D. Non-offending Side Damaged.
If following the application of B1 the Director judges at the end of the play that without assistance gained through the infraction the outcome of the board could well have been different and in consequence the non-offending side is damaged (see Law 12B1), he shall award an adjusted score. In his adjustment he should seek to recover as nearly as possible the probable outcome of the board had the insufficient bid not occurred.
[footnote: * the meaning of (information available from) a call is the knowledge of what it shows and what it excludes. ]

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