3C. Payments out of Fund where administrator appointed.
(1) Subject to the provisions of this section, there may, with the approval of the High Court, be paid by the Bank out of the Fund to the administrator of an insurer -
(a) where the average of the business of the insurer concerned, over the 3 years before the appointment of the administrator, was, in the opinion of the Bank, at least 70 per cent in respect of risks in the State of policy holders, the amounts that are, in the opinion of that Court, required to enable the administrator to carry on the business of the insurer and to perform his or her functions in relation to the insurer, or
(b) where the average of the business of the insurer concerned, over the 3 years before the appointment of the administrator, was not, in the opinion of the Bank, at least 70 per cent in respect of risks in the State of policy holders, the amounts that are, in the opinion of that Court -
(i) required to defray the expenses of the administrator in the performance of his or her functions in relation to the insurer, and