(1) A third-party policy issued for a motor vehicle by an authorised insurer—
(a) begins on the date it is expressed to begin; and
(b) unless it is sooner cancelled under this Part, continues in force—
(i) if another third-party policy issued for the vehicle by the same or another authorised insurer begins within 15 days after the date the first policy is expressed to end—until the beginning of the other policy; and
(ii) in any other case—until 15 days after the date it is expressed to end.
(2) If an authorised insurer renews a third-party policy for a motor vehicle for a period expressed to end on the expiry of a renewal of the registration of the vehicle—
(a) the insurance premium for the policy is payable as if the renewal of the policy were expressed to begin from the date of the beginning of the renewal of the registration, whether or not the renewal of the policy is so expressed; and
(b) the authorised insurer is not liable under the renewal of the policy in relation to the death of, or bodily injury to, a person caused by, or arising out of the use of, the vehicle during the period (if any) between the date from which the renewal of the policy is expressed to begin and the date of payment of the insurance premium for the renewal of the policy; and
(c) the policy is taken to be in force during the period (if any) mentioned in paragraph (b).