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Report No. 190 Chapter VI Assignment and Transfer Existing Law 6.1.1 Section 38 of the Insurance Act, 1938 provides for assignment and transfer of insurance policies. Section 38 provides for the transfer or assignment of a policy of life insurance by an endorsement upon the policy itself or by separate instrument signed by the transferor/assignor or by any authorized agent and attested by one witness setting forth the fact of transferring assignment. The transfer/ assignment can be made in favour of the insurer also but shall not confer upon the transferee or assignee or his legal representative any right to sue for the amount secured under such policy until a notice in writing of the transfer has been delivered both by the transferor and transferee to the insurer. There can be more than one transfer/ assignment as per sub-section (3) of this section. In such cases the priority of claims shall be governed in the order in which notices have been delivered. 6.1.2 This section deals with both absolute and conditional assignments, the former transferring to the assignee all rights, title and interest which the assignor has in the policy without any defeasance clause, and the latter being a conditional assignment as contemplated under sub-section (7) which creates an immediate vested interest in the assignee but which is liable to be divested on the happening of events specified in the assignment.    |
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