(1) unless authorized by the Commission, a person shall not enter into a contract of insurance with an offshore insurer in respect of

(a) property situate in the country,

(b) liabilities arising in the country, or

(c) Goods, other than personal effects, being imported into the country.

(2) A person who contravenes subsection (1) commits an offence.

(3) Nothing in this section affects the validity or enforceability of a contract of insurance entered into in breach of subsection (1).

(4) This section does not apply to an insurer that enters into reinsurance Contract with an offshore insurer where the reinsurance contract

(a) is entered into in accordance with reinsurance arrangements approved by the Commission under section 53 (1), or is exempted from approval by the Commission under section 53 (2).