292Transfer of policies and related property

292 Transfer of policies and related property On the transfer date— (a) all VMIA‑issued domestic building insurance policies— (i) are taken to have been entered into by the Authority; and (ii) have effect as if the Authority had always been a party to the policies; and (b) the VMIA ceases to a be party to all VMIA‑issued domestic building insurance policies; and (c) all rights of the VMIA under VMIA‑issued domestic building insurance policies vest in the Authority; and (d) all liabilities of the VMIA under VMIA‑issued domestic building insurance policies become liabilities of the Authority; and (e) all property of the VMIA directly relating to VMIA‑issued domestic building insurance policies vests in the Authority; and (f) all rights of the VMIA relating to property referred to in paragraph (e) vest in the Authority; and (g) all liabilities of the VMIA relating to property referred to in paragraph (e) become liabilities of the Authority. S. 293 inserted by No. 17/2025 s. 10.