Lic Of India vs Insure Policy Plus Services ...

The Supreme Court upheld the High Court's ruling that insurance policies are transferable and assignable under the Insurance Act, 1938, emphasizing that the refusal of the Appellant to accept assignments from the First Respondent was unjustified. The Court clarified that the provisions of the Insurance Act permit such assignments, and the Appellant's circular aimed at preventing third-party trading in insurance policies was not a valid reason to deny registration of assignments. The Court directed the Appellant to comply with the statutory requirements and register the assignments as per the law.