14.
—(1) No settlement by an insurer in respect of any claim which might be made by a third party in respect of any such liability as is required to be covered by a policy under section 4(1)(b) shall be valid unless the third party is a party to such settlement.
(2) A policy issued under this Act shall remain in force and available for third parties notwithstanding the death of any person insured under section 4(1)(b) as if the insured person were still alive.