https://www.taxtmi.com/caselaws?id=278557 Under unamended Section 38 of the Insurance Act, life insurance policies were assignable as of right once the prescribed procedure for assignment was completed, and the insurer's role was limited to recording the transfer and recognising the assignee's entitlement to policy benefits. The insurer had no discretion to refuse registration of a valid assignment, and circulars restricting such assignments were inconsistent with the statutory scheme and unenforceable. The later amendment introducing an express power to decline assignments in specified cases was a substantive change, not a clarificatory or retrospective one. A delegate cannot override a statutory right conferred by the parent Act through circulars or policy instructions. en-us Tue, 29 Dec 2015 00:00:00 +0530 Tue, 12 Feb 2019 07:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278557 Under unamended Section 38 of the Insurance Act, life insurance policies were assignable as of right once the prescribed procedure for assignment was completed, and the insurer's role was limited to recording the transfer and recognising the assignee's entitlement to policy benefits. The insurer had no discretion to refuse registration of a valid assignment, and circulars restricting such assignments were inconsistent with the statutory scheme and unenforceable. The later amendment introducing an express power to decline assignments in specified cases was a substantive change, not a clarificatory or retrospective one. A delegate cannot override a statutory right conferred by the parent Act through circulars or policy instructions. Case-Laws Indian Laws Tue, 29 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278557