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Report No. 190 Law Commission's earlier recommendation 5.1.8 The Law Commission on an earlier occasion examined the working of section 45 and noted the difficulties faced by claimants in seeking to recover the amount due from the insurer under a life insurance policy. In its 112th Report on Section 45 of the Insurance Act, 1938 (1985) it recommended that the period after which no policy of life insurance could be called into question on the ground of misstatement of fact be increased from two to three years. This would be counter balanced by enabling the insurer to repudiate a policy at any time within three years from the date on which such policy was effected or revived on the ground that a statement material to the expectancy of the life of the insured was incorrectly made in the proposal on the basis of which the policy was issued. This proposal was a drastic change from what was contained in section 45. This change, it was felt, would reconcile the rights of both the insurer as well as the insured.    |
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