1. The procedures related to cessation of operations or cancellation of one or more of the insurance types and the powers bestowed upon the director general in this respect shall be determined by virtue of the decisions issued by the Board for the purpose.
 

2. The following shall result from the decision of ceasing the operations or canceling the license for one or more of the insurance types:
 

1. The company shall be prohibited from concluding insurance contracts of any of those insurance types subject to the penalties provided for in the law herein.
    
2. All rights and obligations accrued from the contracts concluded prior to the cessation of the operations or the cancellation of the license for that or those types of insurance shall be deemed proper and valid and the company shall remain liable therefor.