(1) The following are repealed by this Act

(a) the Insurance Law, 1989 (P.N.D.C.L. 227);

(b) the Insurance (Amendment) Law 1991 (RN.D.C L 260)-

(2 ) The Ghana Reinsurance Organization Law 1984 (P.N.D.C.L. 79) and the Ghana Reinsurance Organization (Amendment) Law 1987 (P.N.D.C.L. 169) are hereby repealed

(3) Despite the repeal of the enactments specified in subsection (1) Regulations, bye-laws. notices, orders, directions, appointments or other act lawfully made or done under the repeal enactment and in force immediately before the commencement of this Act be considered to have been made or done under this Act and shall until reviewed cancelled withdrawn or terminated continue to have effect.

(4) Despite the repeal of the Ghana Reinsurance Organization Law, 1984 (P.N.D.C 79) and the Ghana Reinsurance Organization (Amendment) Law, 1987 (P.N.C.L 169)the Ghana Reinsurance Company Ltd. Shall continue to enjoy the compulsory reinsurance cessing provided for under section 5 of P.N.D.C.L 78 for transitional period of two years after the commencement of this Act, after which two year period the compulsory reinsurance cessing shall cease