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7.—(1) Regulation 9 of the principal Regulations (payments under the Scheme) is amended as follows.
(2) In paragraph (1), for “paragraph (2)” substitute “paragraphs (2) and (2A)”.
(3) After paragraph (1), insert the following paragraph—
“(1A) Where a payment falls to be made by any body which has at any time been a member of the Scheme in connection with a claim in respect of a qualifying liability which relates to a breach of the duty of care by that body whilst it was a member and, prior to the date of the termination of that member’s participation in the Scheme—
(a)the Secretary of State has agreed with the member that the member is to pay an amount under regulation 8(1) in respect of the membership year immediately preceding the date of the termination of the member’s participation in the Scheme determined by the Secretary of State to be sufficient to cover any qualifying liabilities which relate to a breach of the duty of care by the member during any membership year, but which fall to be met after the date of the termination of the member’s participation in the Scheme; and
(b)the member has, prior to the date of the termination of the member’s participation in the Scheme, either—
(i)paid the amount referred to in paragraph (a); or
(ii)entered into an agreement with the Secretary of State to pay that amount in instalments after that date,
the Secretary of State may, subject to paragraph (2A), pay to or on behalf of that body an amount to be determined by the Secretary of State in accordance with paragraph (3).”.
(4) Re-number paragraph (2)(d) as paragraph (2A), and at the start of that paragraph prior to “except to such extent” insert “No payment is to be made under paragraphs (1) or (1A)”.
(5) After paragraph (5) insert—
“(6) In paragraphs (2A) and (3), “member” includes a body whose participation in the Scheme has terminated and which falls within paragraph (1A).”.
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