Marine Insurance Act : Assured who has no interest cannot assign. Indian Bare Acts :

Marine Insurance Act,1963

Act No : 11

Section : Assured who has no interest cannot assign.

53. Assured who has no interest cannot assign. Where the assured has parted with or lost his interest in the subject-matter insured, and has not, before or at the time of so doing expressly or impliedly agreed to assign the policy, any subsequent assignment of the policy is inoperative: Provided that nothing in this section affects the assignment of a policy after loss. THE PREMIUM