[ Exclusive privilege of Corporation and acquiring companies to cease

A. Liability of director of specified insurer- A director of a specified insurer who is not its whole-time director shall be held liable only in respect of such acts of omission or commission of the specified insurer which had been committed with his knowledge, attributable through board processes, and with his consent or connivance or where he had not acted diligently

Exemptions. - (1) Nothing contained in this Act shall apply in relation to

Right of acquiring company to seek relief in respect of certain transactions. - (1) Where an existing insurer has at any time within five years before the 13th day of May, 1971

Power to reduce amounts of insurance in certain cases. - An acquiring company may, having regard to its financial condition on the 13th day of May, 1971 or the financial condition on the said date of any existing insurer whose undertaking has been transferred to and vested in it under this Act reduce the liabilities which have arisen under contracts of general insurance entered into before the said date in such manner and subject to such conditions as it thinks fit: