Saving in respect of sections 150, 151 and 152
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Summary
When applying sections 150, 151 and 152, a person’s "liabilities to third parties" does not include any liability that person has in the capacity of insurer under some other insurance policy. So being an insurer under a different policy is excluded from third‑party liability for those provisions. Also, those three sections do not apply when a company is voluntarily wound up solely for reconstruction or amalgamation with another company.
Example
Priya has a motor insurance for her car and has also agreed to act as an insurer on a separate policy for a neighbour. If a claim arises under sections 150, 151 and 152 against Priya’s car, her liability as insurer under the other policy will not be treated as a "liability to third parties" for those sections.
Bare Act
Enacted text(1) For the purposes of sections 150, 151 and 152 a reference to “liabilities to third parties” in relation to a person insured under any policy of insurance shall not include a reference to any liability of that person in the capacity of insurer under some other policy of insurance.
(2) The provisions of sections 150, 151, and 152 shall not apply where a company is wound-up voluntarily merely for the purposes of reconstruction or of an amalgamation with another company.
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