(1) Every contract of re-insurance of assurance business entered into by the Company within a period of ten years after the date on which the Company commences business shall be guaranteed by the government of Saorstát Eireann, but no right of action shall lie, at the suit of the Company or of any assurance company, syndicate or other person, against the government of Saorstát Eireann under such guarantee or otherwise in respect of any liability on foot of such contract.
(2) Whenever the Company certifies to the Minister for Finance that any sum of money is required by the Company to meet any liability of the Company under any such contract of re-insurance as is mentioned in the next preceding sub-section of this section and that the Company is, by reason of the insufficiency of its funds or of any of its funds which are or is applicable to discharge such liability, unable to provide in whole or in part such sum, the said Minister shall advance to the Company out of the Central