Immediately after the construction or enlargement of the house or purchase of the house or flat as the case may be the employee concerned shall insure the house or flat for a sum not less than the amount of loan or advance and shall keep the house so insured against damage by fire, flood, storm, lightening, earthquake, riot, vivid commotion etc. till the amount of loan or advance together with interest thereon is repaid. The insurance policy shall be produced before the Secretary of the Council for inspection soon after he obtains the policy.
