relied on.
In the Victoria Insurance Company case (supra) the Bank of
Australian effected an insurance with the insurance company
of certain goods ... that marine insurance policies should
be assignable even after loss. In the United
Kingdom, assignability of marine insurance
policies after loss is placed beyond doubt
assignment or transfer is conditional in terms of subsection (10) hereunder, every assignment or transfer shall be deemed to be an absolute assignment or transfer ... assignee or transferee of a policy of life insurance under an assignment or transfer effected prior to the commencement of the Insurance Laws (Amendment
requested to register the assignments. The respondent No. 1, however, refused to assign the insurance policies. After the petition was filed the respondent ... notice to the Insurance Company is only to intimate to the Insurance Company that insurance policy issued by it had been assigned so that
nature of Policy changed
from Keyman Insurance Policy to Life Insurance Policy. Surrender
value on the date of assignment was duly offered ... insurance policy other than a keyman
insurance policy. Explanation 1 to the said clause (10D) defines
a keyman insurance policy to mean a life insurance
accepted the assignment. So much so, even the
Department had accepted the assignment and had taxed
surrender value of the assignment and therefore, such ... received under a Keyman
insurance policy. It would follow that sum received under a
Keyman insurance policy under an Insurance policy
further to
amend the Insurance Act, 1938 and the General Insurance Business
(Nationalisation) Act, 1972 and to amend the Insurance Regulatory and
Development Authority ... assignments violate public policy. In any event, as we have seen above,
the general global practice is to permit assignments of insurance policies
Victoria Insurance Company case (supra) the Bank of Australiasia effected an insurance with the insurance company of certain goods to be shipped to London. Before ... that marine insurance policies should be assignable even after loss. In the United Kingdom, assignability of marine insurance policies after loss is placed beyond doubt
further to amend the Insurance Act, 1938 and the General
Insurance Business (Nationalisation) Act, 1972 and to amend the Insurance
Regulatory and Development Authority ... assignments violate public policy. In any event, as we have seen
above, the general global practice is to permit assignments of insurance policies
shortly after the assignment in favour of the Assessee on 31.03.2006,
which assignment was duly recognised and approved by the Insurance
Company, the Assessee ... character of the Keyman Insurance Policy does not get converted into
ordinary Life Insurance Policy despite its assignment and therefore,
any benefit accruing
maturity value of
insurance amount except keyman insurance policy is not taxable.
He submitted that since the keyman insurance policy was assigned
in favour ... still remain a Keyman Insurance Policy. Thus,
after the amendment to Explanation-1, a Keyman Insurance Policy
even on assignment would remain such, hence, would
