41Validity of insurance or re‑insurance contracts

41 Validity of insurance or re‑insurance contracts

A contract of insurance or re‑insurance entered into by the Corporation is not invalidated by reason of: (a) any failure of the Corporation to comply with or observe a provision of this Act or of the regulations or a direction of the Minister; or (b) the contract not being within the limits of the powers of the Corporation under this Act; and all acts and things done by the Corporation in relation to the contract or in exercise of its rights and powers under the contract (including the transfer or assignment of a security and the exercise of rights and powers under or in relation to a security) are as valid as if the provisions of this Act and the regulations and the directions of the Minister had been complied with and observed and the Corporation had not exceeded the limits of its powers.