(1) The written laws mentioned in the Schedule to the extent to which they are expressed to be repealed or amended are repealed or amended accordingly.
(2) Notwithstanding subsection (1)-
(a) a subsidiary legislation and an approval, direction, decision, notification, exemption and other executive act made or done under the repealed Act and in force or having effect immediately before the effective date, is deemed to have been made or done under the corresponding provisions of this Act, and continues to remain in full force and effect in relation to the person to whom it applied until amended or replaced;
(b) a guideline, circular, or notice issued by the Director General of Insurance under the repealed Act to an insurer, insurance broker or adjuster before the effective date, is deemed to have been lawfully issued under section 201 in relation to the provision of this Act corresponding to the matter dealt with in the guideline, circular or notice, and shall remain in full force and effect until it is amended or replaced;
(c) an application for a licence or approval or for any other purpose or an appeal, made by a person to the Minister or to the Director General of Insurance under the repealed Act before the effective date, if there is a corresponding provision in this Act, shall be dealt with as if it was made under that provision and, if there is no corresponding provision in this Act, the application or appeal shall lapse on the effective date;
(d) a policy issued, a transaction or dealing lawfully executed or entered into, and business lawfully done, under the repealed Act by a person who was a registered insurer under the repealed Act, or who was a licensed insurance broker or licensed adjuster under the repealed Act, and who is licensed or deemed to be licensed as an insurer, insurance broker or adjuster under this Act, with a policy owner or customer, creditor, debtor, or other person, is deemed to have been lawfully and validly executed or done under this Act, and a right or liability under the transaction, dealing or business existing, immediately before the effective date, is deemed to continue to be lawful and valid under this Act;
(e) legal proceedings, criminal prosecution, or investigation under the repealed Act shall be construed as if the repealed Act is in force; and
(f) an act, decision, rule, order or direction lawfully done or made prior to the coming into force of this Act in respect of an insurer whose winding up has commenced but has not been completed shall remain valid and binding until it is amended and replaced.