Use our Portfolio Manager
 to generate:

    - Insurance Chart
    - Cash Flow Chart
    - Premium Calendar

  Insurance Counsellor
  Calculators
   Log in

   Need for Insurance
  Insurance & Tax
  Retirement Planning
  Insurance as Investment

Other Topics

Age Admission Assignment Nomination Nomination v/s Assignment Revival Policy Loans Paid-up-assurance Lost Policy Surrender Value Settlement of claims HUF policies MWP Act policies

Home / Policy Services / Assignment

Assignment

Notice of Assignment :

A written notice of assignment as required by the Insurance Act has to be submitted to the Branch Office servicing the policy along with the Assignment in original copy thereof certified to be correct by both the assignor and assignee for registration of the assignment in the Books of the corporation.  The date of the notice must be the same as or subsequent to the date of execution of the Assignment to which it relates.  Until such Notice of Assignment is received, the assignment will not be operative as against the insurer. 

Therefore, it is important for the agent to note and advise the policyholders that the Notice of Assignment should be submitted promptly.

If more than one Notice is received, priority will be determined according to the date on which the relative notices are delivered to the Corporation and a situation may arise where two assignments might have been executed. 

One on a separate paper and the other on the Policy document but Notice in respect of earlier assignment on a separate paper is not sent to the Corporation while a due notice is sent to the Corporation in respect of the latter assignment, then as far as Corporation is concerned, the second assignee will have priority over the first.  The Notice of Assignment must be served by the assignor, failing him by the assignee.  

  | Back | Top | Home |