(1) The Minister may -

(a) by regulations provide, subject to this Act, for any matter referred to in this Act as prescribed or to be prescribed, and

(b) in addition to any other power conferred on him or her to make regulations, make regulations generally for the purposes of, and for the purpose of giving full effect to, this Act.

(2) Regulations under this Act -

(a) may contain such incidental, supplementary and consequential provisions that appear to the Minister to be necessary or expedient for the purposes of the regulations, and

(b) may apply either generally or to a specified class or classes of policy, insurance undertaking or person (including a class or classes of policy, insurance undertaking or person specified in regulations under section 7) or to any other matter that may be considered by the Minister to be appropriate and may include different provisions in relation to different classes of policy, insurance undertaking or person.