154. Insolvency of insured persons not to affect liability of insu red or claims by third parties.— Where a certificate of insurance has been issued to the person by whom a policy has been effected, the happening in relation to any person insured by the policy of any such event as is mentioned in sub-section ( 1) or sub -section ( 2) of section 150 shall, notwithstanding anything contained in this Chapter, not affect any liability of that person of the nature referred to in clause ( b) of sub-section (1) of section 147; but nothing in this section shall affect any rights against the insurer conferred under t he provisions of sections 150, 151 and 152 on the person to whom the liability was incurred.