(1) The MIBI shall, on the day that falls one month after the coming into operation of Part 4 of the Insurance (Amendment) Act 2018, establish a fund to be known as the Motor Insurers Insolvency Compensation Fund (in this Act referred to as the 'MIIC Fund') for the purpose of payment to the Fund in accordance with this Act of any amount referred to in section 3(5A)(c).

(2) The MIIC Fund shall, subject to the provisions of this Act, be maintained and administered under the control of the MIBI.

(3) The MIBI shall open and maintain a separate account or accounts for moneys paid to the MIIC Fund under this Act.

(4) The MIBI may invest any moneys paid to the MIIC Fund under this Act, which are not immediately required for the purposes of making any payments referred to in section 3E(1), in such manner as its board of directors (or one or more of the members of such board duly authorised in that behalf to do so) may from time to time determine, and such moneys and the income arising from such investment shall be paid into and form part of the MIIC Fund and be available for those purposes.

(5)