Insurance Act, 1936

Contents of industrial assurance policies.

62.—(1) Every policy of industrial assurance issued after the commencement of this Part of this Act shall, subject to the provisions of this section, contain a copy of such of the provisions of this Act as shall from time to time be prescribed by orders made by the Minister under this sub-section.

(2) The Minister may, if he thinks fit, grant permission to an industrial assurance company to insert and every such company shall thereupon insert in every policy of industrial assurance effected by such company after the commencement of this Part of this Act a statement setting forth the effect of the provisions of this Act for the time being prescribed by order made under the next preceding sub-section of this section, and such insertion shall be in lieu of and be deemed to be a compliance with the obligation imposed on every such company by the said next preceding sub-section.

(3) Every industrial assurance company which, after the commencement of this Part of this Act, issues a policy of industrial assurance which does not comply with whichever of the foregoing sub-sections of this section is applicable to such company shall be deemed to have failed to comply with the provisions of this Act, and shall, without prejudice to the liability incurred in respect of such failure, either (at the election of the person who has paid the premiums due on foot of such policy) rectify such policy or pay to such person a sum equal to the amount of the premiums so paid, but such company shall not be liable further or otherwise to such person, and such premiums may be recovered by such person from such company in any court of competent jurisdiction.