Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 203D

Assignments or commutations of tax - exempt lump sums are not effective

  (1)   A purported assignment of the right to receive a lump sum that is, at the time of the purported assignment, a tax - exempt lump sum is not effective at law.

  (2)   A purported commutation, or other early cashing - out, of the right to receive a lump sum that is, at the time of the purported commutation or cashing - out, a tax - exempt lump sum is not effective at law.


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