Section 288 in Bihar Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Rules, 2005
288. Assignment of policy to the fund.
(1)Within 6 months of the withdrawal of the amount the policy shall be assigned to the Secretary of the Board as security for the amount withdrawn.(2)While according sanction for withdrawing an amount for remitting premium in receipt of an old policy, the Secretary of the Board shall ensure from Life Insurance Corporation whether that policy is free from any encumbrances.(3)No change in the policy on transfer to another policy shall be made without the previous approval of the Secretary of the Board and the particulars regarding the changes in the policy or the transfer to the new one shall be furnished to the Secretary of the Board in such form as may be prescribed by him.(4)If the policy is not so assigned and entrusted, the member shall immediately remit to the fund any amount withdrawn, from the fund for the policy together with interest at such rate as may be fixed by the Board in consultation with the Government.
