RULE 27- LAPSE OR WRONGFUL ASSIGNMENT OF POLICIES
27. Lapse or Wrongful Assignment of Policies
If the policy lapses, or is assigned, otherwise than to the President under rule 22, charged or encumbered, the provisions of sub-rule (4) of rule 22 applicable to a failure to assign and deliver a policy shall apply.
RULE 28- DUTY OF ACCOUNTS OFFICER WHEN HE RECEIVES NOTICES OF ASSIGNMENT, CHARGE OR ENCUMBRANCE OF POLICIES
28.Duty of Accounts Officer when he receives notices of Assignment, Charge or Encumbrance of Policies
If the Accounts Officer receives notice of-
(a) an assignment (otherwise than an assignment to the President under rule 22), or
(b) a charge or encumbrance on, or
(c) an order of a Court restraining dealings with the policy or any amount realised thereon,
the Accounts Officer shall not-
(i) reassign or make over the policy as provided in rule 24, or
(ii) realize the amount assured by the policy or reassign, or make over the policy, as provided in rule 25,
but shall forthwith refer the matter to the Government.