After section 127A of the Principal Act , the following section is inserted in Division 5:

127B.     Nominal Insurer Special Account

(1)  The Nominal Insurer is to establish a Special Account in the Nominal Insurer Fund into which money received by the Nominal Insurer by way of special contributions under section 128A(2) is to be paid.

(2)  The Nominal Insurer is to pay from the Special Account –

(a) amounts of the type specified in section 127A(3) that are determined by the Nominal Insurer to be paid from the Special Account; and

(b) amounts required to be paid by the Nominal Insurer under section 128A(14) and (15) ; and

(c) the repayment of any money borrowed by the Nominal Insurer under section 129A together with any interest payable on the money borrowed or costs associated with any other arrangements entered into by the Nominal Insurer for the payment of amounts referred to in paragraph (a) .