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Chapter
VI
Effecting Insurance and Granting of Benefits |
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13. Government servants shall effect compulsory life assurance
with the Myanma Insurance in accordance
with the prescribed age and scale of pay.
14. A person who attained majority may effect life assurance
for a minor.
15. Owners of motor vehicles shall effect compulsory Third Party
Liability Insurance with the Myanma
Insurance.
16. An entrepreneur or an organization operating an enterprise
which may cause loss to State-owned
property or which may cause damage to the life and property
of the public or which may cause pollution
to the environment shall effect compulsory General liability
Insurance with the Myanma Insurance.
17. The Ministry may under section 16 determine form time to
time the entrepreneurs or organizations which
are to effect compulsory General Liability Insurance.
18. State Organizations and Enterprises which have fifty per
cent and above of the capital investment
subscribed by the State, shall effect insurance only with the
Myanma Insurance, if the class of insurance
they desire to effect is of the class which is accepted by the
Myanma Insurance.
19. Economic Organizations which have been formed under a permit
under the Union of Myanmar Foreign
Investment Law shall effect only with the Myanma Insurance the
classes of insurance which the Myanma
Insurance determines from time to time. However, from amongst
the classes of insurance which the said
Economic Organizations are to effect, the Ministry of Finance
and Revenue may exempt from effecting
insurance , of any class or more
than one class, in the interest of the State.
20. Notwithstanding anything contained in any existing law,
only the assignee of the assured shall be entitled
to the benefits, in respect of every life assurance policy effected
under this law. |
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