The society may enter into a contract of insurance with any person, body of persons or corporation authorised by law to carry on insurance business for guaranteeing the sufficiency of the Guarantee Fund or for any other purpose in relation to the Fund.

Any such contract of insurance may be entered into in relation to solicitors F1and incorporated practices generally or in relation to any solicitor or solicitors F1or incorporated practice or practices named therein.

No person other than the Society shall have any right of action against a person, body or corporation with whom any such contract of insurance was entered into or have any right to any monies payable under that contract.