(1) The Insurance Act, 1964, is hereby amended -

(a) in section 2, by the insertion of the following subsection after subsection (3):

"(3A) The Accountant may, for the purpose of giving security with respect to any borrowings for the Fund -

(a) charge the Fund and payments into the Fund, and

(b) determine, and give undertakings in relation to, the order in which payments out of the Fund shall be made to specified creditors of the Fund and specified other persons entitled to such payments and determine, and give undertakings in relation to, the amounts of such payments, and

(c) determine, and give undertakings in relation to, the order in which payments out of specified future income of the Fund shall be made to specified creditors of the Fund and specified other persons entitled to such payments.",

and

(b) in section 3, by the insertion of the following subsection after subsection (5):

"(6) In exercising its jurisdiction under subsection (2B), of this section, the High Court shall have regard to -

(a) the amount of the assets of, and of the then ascertainable income accruing thereafter to, the Fund, and