Insurance Act, 1989
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Certain policies of life assurance voidable. |
42.—Where— | |
(a) a holder of an authorisation in respect of life assurance is convicted of an offence under section 37 in relation to commission payments specified in a notice under that section, or is convicted of an offence under section 38 , and | ||
(b) either, he does not appeal against the conviction or the conviction is affirmed on appeal, and | ||
(c) the commission payment to which the offence related was in respect of the effecting of a contract of assurance upon human life between the person convicted and another person, | ||
any person who is party to a contract of assurance upon human life which was effected with the holder, and in respect of which a commission payment was paid by the holder, or by a person acting on behalf of the holder, to an insurance intermediary higher than the level specified in relation to a payment of that kind in the notice aforesaid, or in respect of which a commission payment was made in contravention of section 38 may, within one month from the date of the conviction, by notice in writing sent by post to the holder, avoid the contract, and, thereupon, the contract shall be void and any moneys paid by the person on foot of the contract together with interest thereon at such rate as may be fixed by the Minister by regulations under this section, may be recovered by him from the holder as a simple contract debt in any court of competent jurisdiction. |