(1) Where an assurance company, which formerly carried on industrial assurance business, has ceased, before the commencement of this Part of this Act, to carry on industrial assurance business, this Part of this Act shall apply to such company so long (if at all) as such company continues, after the commencement of this Part of this Act, to be liable on a policy of industrial assurance issued by it before such cesser.
(2) Where an assurance company, which, at or after the commencement of this Part of this Act, carries on industrial assurance business, ceases after such commencement to carry on industrial assurance business, this Part of this Act shall continue to apply to such company so long as such company continues to be liable on a policy of industrial assurance issued by it before such cesser.
(3) Whenever this Part of this Act applies to a company by virtue of this section, such company shall, during and for the purposes of such application, be deemed to be an industrial assuranc
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