Report No. 66
15.7. Section 39A, Insurance Act, 1938 (New section to be inserted).-
So much as regards section 39(7) of the Insurance Act. There is another amendment needed in that Act. We have,1 while dealing with section 6 of the Act of 1874, pointed out the need for inserting a specific provision in the Insurance Act as to life policies, in regard to the statement to be made as to whether the assured wishes to avail himself of section 6 of the Act of 1874. Accordingly, we recommend that a provision should be added in the Insurance Act, 1938-say, as section 39A-as follows:-
1. See also para. 8.54, supra.
Section 39A, Insurance Act, 1938
(to be added)
"39A(1). Every policy of life insurance shall-
(a) contain a column or paragraph wherein a statement could be made as to whether the person insured has decided to avail himself of the provisions of section 6 of the Married Women's Property Act, 1874; and
(b) if the person insured has communicated to the insurer his decision to that effect, contain the following statement-
'This policy is for the benefit of and the following persons are the trustees for the purposes of section 6 of the Married Women's Property Act, 1874'; and
(c) if the person insured has not communicated to the insurer his decision to avail himself of the said section 6, contain a statement to that effect.
(2) To the column or paragraph referred to in clause (a) of sub-section (1), there shall be attached a foot-note indicating that where the insured fills up that column, by mating the statement referred to in clause (b) of sub-section (1), he shall not make a nomination under section 39."
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