(1) This section applies in relation to the winding up of an insurer which effects or carries out contracts of long-term insurance.
(2) Unless the court otherwise orders, the liquidator must carry on the insurer's business so far as it consists of carrying out the insurer's contracts of long-term insurance with a view to its being transferred as a going concern to a person who may lawfully carry out those contracts.
(3) In carrying on the business, the liquidator—
(a) may agree to the variation of any contracts of insurance in existence when the winding up order is made; but
(b) must not effect any new
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