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POLICIES OF ASSURANCE ACT 1867

POLICIES OF ASSURANCE ACT 1867 - LONG TITLE

An Act to enable Assignees of Policies of Life Assurance to sue
thereon in their own Names.{1}
[20th August 1867]
Preamble rep. by SLR 1893

POLICIES OF ASSURANCE ACT 1867 - SECT 1
Assignees of life policies, empowered to sue.

1. Any person or corporation now being or hereafter becoming
entitled, by assignment or other derivative title, to a policy of
life assurance, and possessing at the time of action brought the
right in equity to receive and the right to give an effectual
discharge to the assurance company liable under such policy for
monies thereby assured or secured, shall be at liberty to sue at
law in the name of such person or corporation to recover such
monies.

POLICIES OF ASSURANCE ACT 1867 - SECT 2
Defence or reply on equitable grounds.

2. In any action on a policy of life assurance a defence on
equitable grounds, or a reply to such defence on similar grounds,
may be respectively pleaded and relied upon in the same manner and
to the same extent as in any other personal action.

POLICIES OF ASSURANCE ACT 1867 - SECT 3
Notice of assignment.

3. No assignment made after the passing of this Act of a policy
of life assurance shall confer on the assignee therein named, his
executors, administrators, or assigns, any right to sue for the
amount of such policy, or the monies assured or secured thereby,
until a written notice of the date and purport of such assignment
shall have been given to the assurance company liable under such
policy at their principal place of business for the time being, or
in case they have two or more principal places of business then at
some one of such principal places of business, either in England or
Scotland or Ireland; and the date on which such notice shall be
received shall regulate the priority of all claims under any
assignment; and a payment bona8 fide made in respect of any policy
by any assurance company before the date on which such notice shall
have been received shall be as valid against the assignee giving
such notice as if this Act had not been passed.

POLICIES OF ASSURANCE ACT 1867 - SECT 4
Principal place of business to be specified on policies.

4. Every assurance company shall, on every policy issued by them
after the thirtieth day of September one thousand eight hundred and
sixty-seven, specify their principal place or principal places of
business at which notices of assignment may be given in pursuance
of this Act.

POLICIES OF ASSURANCE ACT 1867 - SECT 5
Mode of assignment.

5. Any such assignment may be made either by endorsement on the
policy or by a separate instrument in the words or to the effect
set forth in the schedule hereto, such endorsement or separate
instrument being duly stamped.

POLICIES OF ASSURANCE ACT 1867 - SECT 6
Receipt of notice of assignment.

6. Every assurance company to whom notice shall have been duly
given of the assignment of any policy under which they are liable
shall, upon the request in writing of any person by whom any such
notice was given or signed, or of his executors or administrators,
and upon payment in each case of a fee not exceeding [25p],
deliver an acknowledgment in writing, under the hand of the manager,
secretary, treasurer, or other principal officer of the assurance
company, of their receipt of such notice; and every such written
acknowledgment, if signed by a person being de jure or de facto
the manager, secretary, treasurer, or other principal officer of the
assurance company whose acknowledgment the same purports to be, shall
be conclusive evidence as against such assurance company of their
having duly received the notice to which such acknowledgment relates.

POLICIES OF ASSURANCE ACT 1867 - SECT 7
Interpretation.

7. In the construction and for the purposes of this Act the
expression "policy of life assurance" or "policy" shall mean any
instrument by which the payment of monies by or out of the funds
of an assurance company, on the happening of any contingency
depending on the duration of human life, is assured or secured; and
the expression "assurance company" shall mean and include every
corporation, association, society, or company now or hereafter
carrying on the business of assuring lives, or survivorships, either
alone or in conjunction with any other object or objects.

POLICIES OF ASSURANCE ACT 1867 - SECT 8
Saving of contracts under 1853 c.45 or 1864 c.43, and of
engagements by friendly societies.

8. Provided always, that this Act shall not apply to any policy of
assurance granted or to be granted or to any contract for a
payment on death entered into or to be entered into in pursuance
of the provisions of the Government Annuities Act, 1853, and the
Government Annuities Act, 1864, or either of those Acts, or to any
engagement for payment on death by any friendly society.

POLICIES OF ASSURANCE ACT 1867 - SECT 9
Short title.

9. For all purposes this Act may be cited as "The Policies of
Assurance Act, 1867."I, A.B., of, &c., in consideration of, &c., do
hereby assign unto C.D., of, &c., his executors, administrators, and
assigns, the [within] policy of assurance granted, &c. [here describe
the policy]. In witness, &c.