Section 122 of the Principal Act is amended by omitting subsection (1) and substituting the following subsections:

(1)  The Nominal Insurer consists of –

(a) 4 members appointed by the Minister after consultation with licensed insurers and self-insurers; and

(b) one member nominated by the Treasurer and appointed by the Minister; and

(c) one member appointed by the Minister.

(2)  The Minister is to appoint one of the members referred to in subsection (1)(a) as the chairperson of the Nominal Insurer.