Page 51 - The Motor Vehicles Act, 1988

THE MOTOR VEHICLES (AMENDMENT) ACT, 2019 (li)

winding-up has been passed with respect to the company, no agreement made
between the insurer and the insured person after the liability has been incurred
to a third party and after the commencement of the insolvency or winding-up,
as the case may be, nor any waiver, assignment or other disposition made by or
payment made to the insured person after the commencement aforesaid, shall
be effective to defeat the rights transferred to the third party under this Chapter;
but those rights shall be the same as if no such agreement, waiver, assignment
or disposition or payment has been made.
154. Saving in respect of sections 151, 152 and 153
(1) For the purposes of sections 151, 152 and 153, a reference to “liabilities
to third parties” in relation to a person insured under any policy of insurance
shall not include a reference to any liability of that person in the capacity of
insurer under some other policy of insurance.
(2) The provisions of sections 151, 152 and 153 shall not apply where a
company is wound-up voluntarily merely for the purposes of reconstruction
or of an amalgamation with another company.
155. Effect of death on certain causes of action
Notwithstanding anything contained in section 306 of the Indian
Succession Act, 1925 (39 of 1925), the death of a person in whose favour a
certificate of insurance had been issued, if it occurs after the happening of an
event which has given rise to a claim under the provisions of this Chapter, shall
not be a bar to the survival of any cause of action arising out of such event
against his estate or against the insurer.
156. Effect of certificate of insurance
When an insurer has issued a certificate of insurance in respect of a contract
of insurance between the insurer and the insured person, then—
(a) if and so long as the policy described in the certificate has not been issued
by the insurer to the insured, the insurer shall, as between himself and
any other person except the insured, be deemed to have issued to the
insured person a policy of insurance conforming in all respects with the
description and particulars stated in such certificate; and
(b) if the insurer has issued to the insured the policy described in the
certificate, but the actual terms of the policy are less favourable to persons
claiming under or by virtue of the policy against the insurer either directly
or through the insured than the particulars of the policy as stated in the
certificate, the policy shall, as between the insurer and any other person
except the insured, be deemed to be in terms conforming in all respects
with the particulars stated in the said certificate.
157. Transfer of certificate of insurance
(1) Where a person, in whose favour the certificate of insurance has been
issued in accordance with the provisions of this Chapter, transfers to another
person the ownership of the motor vehicle in respect of which such insurance
was taken together with the policy of insurance relating thereto, the certificate
of insurance and the policy described in the certificate shall be deemed to have
been transferred in favour of the person to whom the motor vehicle is transferred
with effect from the date of its transfer.