https://www.taxtmi.com/caselaws?id=111245 Section 38 of the Insurance Act is substantive: it governs the valid assignment of life insurance policies, makes the transfer effective once the statutory procedure is followed, and requires the insurer to recognise the assignee subject to policy terms. A later assignee need not have insurable interest merely because the policy is assigned, since insurable interest is required at inception, not for every subsequent transfer. Such an assignment is not invalid as a wagering contract or as contrary to public policy on that ground alone. Administrative circulars that refused registration of otherwise valid assignments were inconsistent with the statute and therefore invalid. en-us Thu, 22 Mar 2007 00:00:00 +0530 Sat, 21 Apr 2012 12:51:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111245 Section 38 of the Insurance Act is substantive: it governs the valid assignment of life insurance policies, makes the transfer effective once the statutory procedure is followed, and requires the insurer to recognise the assignee subject to policy terms. A later assignee need not have insurable interest merely because the policy is assigned, since insurable interest is required at inception, not for every subsequent transfer. Such an assignment is not invalid as a wagering contract or as contrary to public policy on that ground alone. Administrative circulars that refused registration of otherwise valid assignments were inconsistent with the statute and therefore invalid. Case-Laws Companies Law Thu, 22 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111245