Court is the temple of justice and judges are the god of "temple of justice". Advgyan is just an educational website.
Here we will see Section 2D of The Insurance Act.
2D. Insurers to be subject to this Act while liabilities remainun satisfied.— Every insurer shall be subject to all the provisions of this Act in relation to any class of insurance business so long as his liabilities in India in respect of business of that class remain unsatisfied or not otherwise provided for.