(1) Section 1 of the Assurance Companies Act, 1909, as adapted by or under subsequent enactments, shall have effect as if after paragraph (e) thereof the following paragraph were added:

"(f) mechanically propelled vehicle insurance business, that is to say, the business of effecting contracts of insurance against loss of or damage to or arising out of or in connection with the use of mechanically propelled vehicles, including third party risks."

(2) Where an assurance company or syndicate within the meaning of section 3 of the Insurance Act, 1936, carries on mechanically propelled vehicle insurance business within the meaning of that section, the Assurance Companies Act, 1909, as adapted by or under subsequent enactments, shall apply with respect to that business, subject to the following modifications:

(a) sections 5 and 6 of the said Act shall not apply to the company or syndicate;

(b) the company or syndicate shall annually prepare a statement of its mechanically propelled vehicle insurance business in such form as shall from time to time be directed by the Minister for Industry and Commerce and the statement shall be printed, signed and deposited with that Minister in accordance with section 7 of the said Act and that section shall apply accordingly;