Section 123: Insurance business conducted in breach of Act

123. Insurance business conducted in breach of Act (1) Where a person has contravened or is contravening section 7, the Commission may, by notice, direct that person to make arrangements satisfactory to the Commission to discharge all or any part of the obligations under insurance policies already entered into by that person. (2) For the avoidance of doubt, no transaction in the course of effecting or carrying out an insurance policy shall be void or voidable by reason only that at the time of that transaction any party thereto is in breach of any provision or of any requirement arising under this Act or the FSC Rules. [S. 123 amended by s. 46 of Act 16 of 2007 w.e.f. 28 September 2007.] 124. — [S. 124 repealed by s. 47 of Act 16 of 2007 w.e.f. 28 September 2007.] I15 – 73 [Issue 3] Insurance Act