Section 1600.502 - Effective date(a) This act shall take effect upon the effective date of the establishment of the Federal reinsurance facility.(b)(1) Policies issued pursuant to the direction of and other obligations incurred by the Industry Placement Facility shall not be impaired by the termination of the Federal reinsurance facility and such Industry Placement Facility shall be continued for the purpose of servicing such policies and performing such obligations;(2) All bonds issued and other obligations incurred by the Pennsylvania Civil Disorder Authority shall not be impaired by the termination of the Federal reinsurance facility and such authority shall be continued for the purpose of servicing such bonds and performing such obligations; and(3) The collection of the basic property insurance assessment shall terminate as provided in section 405 of this act. 1968, July 31, P.L. 738, No. 233, art. V, § 502. Amended 1975, Oct. 7, P.L. 370, No. 104, § 1, imd. effective.