(1)  The Nominal Insurer may assign to a person approved by the Minister any of the Nominal Insurer's liabilities under this Act –

(a) absolutely; or

(b) on such terms and conditions as may be approved by the Minister.

(2)  If a liability is assigned absolutely, the Nominal Insurer's responsibility for the discharge of the liability ceases and that responsibility becomes the responsibility of the person to whom the liability is assigned.