(1) Subject to subsection (2), where a claim in respect of any loss, injury or damage arising out of the exercise before the vesting day of functions transferred to the company by or under this Act has not been made before that day or, if so made, has not been satisfied or otherwise disposed of, the claim shall, after that day, lie against the company and not against the Minister, any other State authority or the State.

(2) Subsection (1) shall not apply in relation to a loss or an injury or damage referred to in subsection (1) if there is in force a policy of insurance under which the Minister is insured against any sum which he is liable to pay by way of damages or costs in respect of the loss, injury or damage.

(3) Where, before the vesting day, agreement in settlement of a claim to which subsection (1) relates has been reached between the parties and the terms of the agreement have not been implemented or judgment has been given in favour of the person making the claim and the judgment has not been enforced, the terms of the agreement or the judgment, as the case may be, shall, in so far as enforceable against the Minister, any other State authority or the State, be enforceable against the company and not against the Minister, any other State authority or the State.