A local authority may enter into a contract of accident insurance against risks of any member of the authority meeting with a personal accident, whether fatal or not, while engaged on the business of the authority.
Any sum received by the authority under any such contract shall, after deduction of any expenses incurred in the recovery thereof, be paid by them to, or to the personal representatives of, the member of the authority in respect of an accident to whom that sum is received.
The provisions of the Life Assurance Act 1774 shall not apply to any such contract, . . .
References to accident insurance must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.
In this section, the expression . . . "member of the authority" includes a member of a committee or sub-committee of the authority who is not a member of that authority.