Insurance Act, 1936

Return of policies, etc., after inspection.

65.—(1) Subject to the provisions of this section, whenever an industrial assurance company or any person employed by any such company takes possession of a policy of industrial assurance or of a premium receipt book or of any other document issued by such company in connection with such policy, a receipt for such policy, premium receipt book or other document (as the case may be) shall be given by such company or person (as the case may be), and such policy, premium receipt book, or other document shall, unless such policy has been handed over or given up to such company by reason of payment of the sum assured, or of the cash surrender value of such policy, or of the issue of another policy in lieu thereof, be returned by such company or person (as the case may be) to the person from whom such policy, book or other document (as the case may be) was received within thirty days after such taking possession and may be so returned by delivery or by leaving for him at his last-known place of abode.

(2) Where possession is taken by an industrial assurance company of a policy of industrial assurance, or of a premium receipt book or of any other document issued by such company in connection with such policy for the purpose of legal proceedings by such company against a collector employed by such company, such company may retain such policy, premium receipt book or other document for such period, longer than the said thirty days, as may be necessary for the purposes of such proceedings but, where such retention is for a period longer than the said thirty days, such company shall give to the person from whom such policy, book or other document (as the case may be) was received a copy thereof certified by such company to be a true copy.