(1) The rights, assets, liabilities of and property vested in the Commission Established under the Insurance Law, 1989 (PN.D.C.L. 227) immediately before the Commencement of this Act and the persons employed by the Commission are transferred to the Commission established under this Act, and accordingly proceedings taken by or against the former Commission may be continued by or against the Commission.

(2) A contract subsisting between the Commission established under the Insurance Law, 1989 (P.N.D.CL. 227) as amended and any other person and in force immediately before the commencement of this Act shall subsist between the Commission established under this Act and that other person

(3) Pursuant to section 26 which restricts the licensing of composite insurance after the commencement of this Act, exiting composite companies shall separate their business into long-term and short-term companies within twelve months after the commencement of this Act