Section 78: Security and Development Funds. Cap

(1) The security and development fund established under the National Insurance Commission Act 1997 shall;
(a) be used for the payment of any claim admitted by or allowed against a registered insurer where such claim remains unpaid by reason of insolvency or cancellation of the registration of the insurer; and
(b) be used to compensate innocent individual third parties permanently disabled or killed by uninsured or unidentified drivers.
(2) The proportion of compensation to be paid in respect of any claim, shall be determined by the Commission.