116. (1) For the purposes of sections 113, 114 and 115, a reference to “liabilities to third parties” in relation to a person insured under any policy of insurance shall not include a reference to any liability of that person in the capacity of insurer under some other policy of insurance. (2) The provisions of sections 113, 114 and 115 shall not apply where a company is wound up voluntarily merely for the purposes of reconstruction or of an amalgamation with another company.