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Insurance Act, 1936
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Assured persons transferring from one company to another company.

68.—(1) Whenever an industrial assurance company (in this section called the first-mentioned company) receives from any person a proposal for a policy of industrial assurance which to the knowledge of such company is, and the premiums which will be payable under a policy of industrial assurance issued in pursuance of such proposal are, intended to replace and be in lieu of a policy of industrial assurance and the premiums payable thereunder issued by another industrial assurance company (in this section called the second-mentioned company) and in force at the date of the receipt by the first-mentioned company of such proposal, the first-mentioned company shall (unless it refuses to entertain such proposal) within seven days after the receipt of such proposal send to the second-mentioned company a notice in the prescribed form and containing the following particulars, that is to say:—

(a) the terms of and the rights under the policy with the second-mentioned company, and

(b) the terms of such proposal, and

(c) the terms of and the rights under the intended policy with such first-mentioned company.

(2) Whenever any such first-mentioned company receives from any person any such proposal as is mentioned in the first sub-section of this section, such first-mentioned company shall not issue a policy of industrial assurance in pursuance of such proposal until the expiration of fourteen days after the receipt by such first-mentioned company of such proposal.

(3) Whenever any such first-mentioned company knowingly fails to comply with the provisions of this section, such first-mentioned company shall be deemed to have failed to comply with the provisions of this Act, and every collector or other officer of such first-mentioned company who takes part or is concerned in such failure shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds.