70GPurposes of the Account

70G Purposes of the Account

The purposes of the Account are as follows: (a) making a payment under a contract or arrangement whose making was authorised under section 70C; (b) making a payment under a contract or arrangement whose making was authorised under section 131A of the Insurance Act 1973; (c) making a payment under a contract or arrangement whose making was authorised under section 251A of the Life Insurance Act 1995; (d) repaying a borrowing, and paying interest on a borrowing, made under any of the following sections: (i) section 70D; (ii) section 131B of the Insurance Act 1973; (iii) section 251B of the Life Insurance Act 1995; (e) meeting the expenses of administering the Account.

Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).