Amendment status not verified — confirm the current text below against the official source.
Saving in respect of section 150,151 and 152. – (1) For the purposes of section 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 section 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. Corresponding Law. – Section 153 corresponds to section 100 of the Motor Vehicles Act, 1939. Objects and Reasons. – Clause 153 lays down that the liability of the insurer will be only in respect of that particular policy alone and not in respect of any other policy of insurance.