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In case of any Insurance for Lives, a Stamp Policy to be made out.
Officers of Insurance Companies to be answerable for Default.
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VI. For better securing the Stamp Duties by Law chargeable on Policies of Insurance upon Lives, and for preventing Frauds in respect of any such Insurances:
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Every Person who shall make or agree to make, or shall receive any Premium or valuable Consideration for making, any Assurance or Insurance upon any Life or Lives, or upon any Event or Contingency relating to or depending upon any Life or Lives, shall, within One Calendar Month after the Payment or giving of any such Premium or Consideration, make out and sign or execute, or cause and procure to be made out and signed or executed, upon Vellum, Parchment, or Paper, duly stamped, a Policy of such Assurance or Insurance, and have the same ready to be delivered to the Party entitled thereto, and shall upon Demand made by any such Party, or any Agent in that Behalf duly authorized, deliver the same to him, or in default in any of the Cases aforesaid shall forfeit the Sum of Fifty Pounds:
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Every Person who at the Time of the Payment or giving of any such Premium or Consideration shall be a Managing Director of or the Secretary to or other principal Officer of any Society or Company receiving any such Premium or Consideration, shall be deemed to be a Person making or agreeing to make such Assurance or Insurance, and shall be subject and liable to the Penalty by this Act imposed for any such Default as aforesaid.
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