Report No. 112
6.2. How section 45 should be recast.-
We recommend that section 45 of the Insurance Act, 1938, should be recast in the following manner:
"Section 45: Policy not to be called in question on ground of mis-statement after 3 years-
(1) No policy of life insurance shall be called in question after the expiry of three years from the date on which the policy is effected or where the policy is revived after it has lapsed for any reason, from the date on which it is so revived.
(2) A policy of life insurance may be called in question at any time within three years from the date on which the policy is effected or, as the case may be, the date on which it is revived, on the ground that any statement being a statement material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived."
K.K. Mathew, Chairman.
J.P. Chaturvedi, Member.
Dr. M.B. Rao, Member.
P.M. Bakshi, Part-time Member.
Vepa P. Sarathi, Part-time Member.
S. Ramaiah, Member-Secretary.
Dated: 6th June, 1985.