(1)

(a) Subject to paragraph (b) and subsections (2), (3) and (4), the Minister may, after consultation with the Bank, by regulations prescribe requirements for insurers (domestic) which carry on motor third party liability insurance in other Member States as regards contributions to the Fund for the purposes of providing eligible compensation.

(b) Regulations (if any) made under this subsection may empower the Bank to establish a sub-fund of the Fund into which contributions referred to in paragraph (a) shall, unless otherwise prescribed in circumstances set out in the regulations, be paid and, if such sub-fund is established, any sums paid out of the Fund for providing eligible compensation shall be paid out of the sub-fund unless there is an insufficiency of moneys standing to the credit of the sub-fund in which case other moneys standing to the credit of the Fund may be used to cover the insufficiency.

(c) Where a sub-fund referred to in paragraph (b) is established -