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Report No. 82

2.20. View of Shri Sen.-

We have not been able, in spite of the best efforts, to get the Legislative Department proceedings relating to the Bill. One writer1 who published a book on the Act in 1938, had this to say on the point under discussion:

"Rights of nominatio.- By section 39 every policy holder has been given the right to nominate the person or persons to whom the moneys payable under the policy will be paid in the event of his death. The effect of this will be to avoid the expense and trouble on the part of the nominee to procure a representation from a Court of Law. The policy holder has also been given the right to change the nomination at any time before the policy matures by endorsement or by a will, thereby giving him a free hand till the end."

He does not, however, specifically deal with the position of the nominee vis-a-vis others on which there had been a controversy.

1. Susil C. Sen Indian Insurance Act, with a Synopsis, p. XIV. Shri Sen was placed on special duty to examine the material which was collected by Government concerning the amendment of company law in general and insurance law in particular.



Effect of Nomination under Section 39 of the Insurance Act, 1938 Back




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