Report No. 66
8.14. Effect of section 38, Insurance Act, 1938.-
The effect of section 38 of the Insurance Act, 1938, which is referred to in section 130, Exception,1 was to amend the law as to assignment of life insurance policies for persons of all communities.2 After the enactment of that section, assignment of life insurance policies is governed by that section, so far as the formalities are concerned, instead of section 130 of the Transfer of Property Act. We are not primarily concerned with the details of these formalities.
1. Para. 8.13, supra.
2. For section 38, Insurance Act, see para. 5.5, supra.