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Insurance Policies Act (Act 7 of 1911)

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Seychelles

Insurance Policies Act

Act 7 of 1911

  • Commenced on 5 August 1991

  • [This is the version of this document at 30 June 2012.]
  1. [Repealed by Civil Code of Seychelles (Consequence of Enactment) Act, 2021 on 1 July 2021]


[Act 7 of 1911; Act 23 of 1976]


1. Short title

This Act may be cited as the Insurance Policies Act.

2. Names of wife and children need not be mentioned in policies of insurance, or assignment thereof, for their benefit

A policy of assurance effected by any person on his own life and expressed upon the face of it, or by subsequent declaration or assignment, to be for the benefit of his wife, and of his children, legitimate or acknowledged, and of his grand‑children or any one or more of them, in such shares or amounts as he shall deem fit, anything to the contrary in any other law notwithstanding, shall be good and valid without it being necessary to insert the names of the wife, the children or grandchildren in such policy, declaration or assignment.

3. Reversion of policy to the assured in case of death of assignee

In case all the parties in favour of whom such policy, declaration or assignment shall have been made shall predecease the assured, such policy shall revert to the latter.

4. Amount of policy not part of the estate of the assured

The amount of any policy effected or assigned, as mentioned in section 2 shall not form part of the estate of the assured, but shall belong to the parties in favour of whose such policy, declaration or assignment shall have been made:Provided that if it shall be proved that the policy was effected or assigned, and premiums thereon paid, with intent to defraud creditors, it shall be competent to the creditors of the assured to claim out of the proceeds of such policy of assurance the amount of the premiums so paid.

5. *Registration of transfers

*This provision is now embodied in Article 1690 (2) of the Civil Code of Seychelles.The rights resulting on behalf of any party from any assignments or transfer of any policy of assurance of life or of insurance against fire or any other casualty shall duly vest in such party, article 1690(2) of the Civil Code notwithstanding, after such assignment or transfer shall have been registered at the Office of the Registrar General.

6. Distribution of amount of policy in certain cases

When buildings, chattels, goods, crops or any other property shall have been insured against fire or any other casualty, the sum which, in case of the casualty happening, shall be recoverable under the policy of insurance from the insurer, shall accrue to the holders of such privilege or mortgage claims as may encumber the property so insured, according to the rank of such claims, if the amount of the insurance is not applied to the repair of the damage done.The same rule shall apply in case of any indemnity recoverable under any policy of insurance from any part, consequent on the destruction or deterioration of such property encumbered with such privilege or mortgage claims.