The Motor Vehicles Act, 1988

153. Saving in respect ofsections150, 151and152 Saving in respect of sections, 151and 152.

1. For the purposes of  sections 150,  151and 152 a reference to "liabilities to third parties"  in relation  to a  person insured  under any policy of insurance shall  not include  a reference  to any  liability  of  that person  in  the  capacity  of  insurer  under  some  other  policy  of insurance.
2. The provisions of sections 150 151 and 152 shall not apply where a company is wound up voluntarily merely for the purposes of reconstruction or of an amalgamation with another company.