(cf
former s 30Y)
To the extent that any amounts are paid out of the Guarantee Fund in respect
of a claim, judgment or award pursuant to section 234 (including the costs of
the Authority), the Authority shall, where an insolvent insurer (if it had
provided indemnity to that extent under a policy of insurance) would have been
entitled to recover any sum under a contract or arrangement for reinsurance,
be entitled to the benefit of and may exercise the rights and powers of the
insolvent insurer under that contract or arrangement so as to enable the
Authority to recover from the reinsurer and pay into the Guarantee Fund the
amount due under that contract or arrangement.