138Policies deemed to be cancelled in certain cases

138 Policies deemed to be cancelled in certain cases (1) Where an employer had a policy of insurance or indemnity under this Act with an approved insurer immediately before: (a) the insurer's approval as an approved insurer was revoked under section 124; or (b) a liquidator, receiver, receiver and manager or official manager was appointed for the insurer under a law relating to the registration of bodies corporate in the Territory or in a State or another Territory of the Commonwealth in which the insurer was incorporated, and the employer subsequently took out a policy of insurance or indemnity under this Act with another approved insurer, the first- mentioned policy of insurance or indemnity shall be deemed to have been duly cancelled at the time that the new policy became effective. (2) In a case referred to in subsection (1), the employer is entitled to recover from his or her former insurer, as a debt due and payable, the amount of all unearned premiums paid by him or her to the former insurer.