(1) A policy of
insurance issued or renewed by the Insurance Commission as referred to in
section 162 of the former Act and in force immediately before
commencement day —
(a)
continues in force on and from commencement day; but
(b) does
not apply to a liability arising in respect of employment on or after
commencement day.
Note for this subsection:
A policy issued by the
Insurance Commission under section 162 of the former Act covered
liability for compensation for a disease of a kind referred to in
section 151(a)(iii) of the former Act. For employment on or after
commencement day liability for compensation for the disease is covered by a
workers compensation policy issued by a licensed insurer.
(2) The operation of
subsection (1) does not entitle the holder of a policy of insurance
referred to in that subsection to any refund of premium paid in respect of the
policy.