(1) Subject to subsections (2) and (3), where the Compensation Body has paid compensation under section 9 to an injured party, the Compensation Body shall be subrogated to the injured party's rights and remedies against any party liable for the relevant accident (within the meaning of section 9(7)), including either or both of the following:
(a) the person who caused the relevant accident (within the meaning of section 9(7));
(b) the person's relevant insurer as referred to in the definition of "relevant accident" in section 9(7).
(2) The rights and remedies referred to in subsection (1) shall not apply against the holder of the insurance contract concerned or, as the case may be, the other insured person who caused the accident referred to in that subsection, in so far as the liability of that holder or person would have been covered by the relevant insurer concerned on whose behalf the Compensation Body has paid the compensation referred to in subsection (1).
(3) The subrogation refe
…