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(1) Where the licence of an insurer or insurance intermediary is suspended or revoked, the insurer or insurance intermediary shall not after the date upon which an insurer or insurance intermediary receives notice of the suspension or revocation

(a) enter into a new contract of insurance, or

(b) renew or vary a contract of insurance entered into before the commencement date.

(2) where the licence of an insurer or insurance intermediary is suspended or revoked, so long as the insurer or insurance intermediary remains under any liability in respect of any insurance policies, the insurer or insurance intermediary shall take such action as it considers necessary or as may be required by the Commission to ensure that reasonable provision has been or will be made for that liability and that adequate arrangements exist or will exist for payment of reasonable premiums and expenses on those policies.

(3) An insurer or insurance intermediary that contravenes subsection (2) commits an offence.