(1) Where the registration of a company is cancelled the company shall not, after the date on which it was notified of the cancellation, enter into any new contract of insurance in Saint Lucia.
(2) For the purpose of subsection (1) a company shall be treated as having entered into a new contract of insurance where a contract of insurance entered into prior to the date of the notification under section 20 is renewed or varied after that date.
(3) This section shall not be construed as relieving an insurance company the registration of which has been cancelled under this Act or any other Act, of the obligation to maintain the deposit required to be made under section 80 and the insurance fund required to be maintained under section 88.
(4) A company which contravenes subsection (1) commits an offence.