(1) Notwithstanding anything to the contrary in the Assurance Companies Act, 1909, or the Insurance Act, 1936, the industrial assurance and life assurance funds maintained by an insurer before the commencement of this section may be amalgamated and the combined fund shall be liable for any contracts of the insurer for which any of the funds would previously have been liable.

(2) In the case of contracts of industrial assurance business, the obligation to collect premiums, whether arising from contracts, expressly or impliedly, or by statutory implication, and whether such contracts existed at or were entered into after the commencement of this section, shall be satisfied if collection is effected not less frequently than once every two months.

(3)[deleted]