Stamp Duties Consolidation Act 1999 section 130

Assignment of policy of life assurance to be stamped before payment of money assured

Section 130 prevents any payment being made under an assignment of a life assurance policy until that assignment has been duly stamped, and makes the person who makes a payment in breach of this rule personally liable for the unpaid duty.

• An assignment of a life assurance policy that is chargeable to stamp duty gives the assignee no right to sue for, or give a valid discharge for, the policy proceeds unless the assignment is duly stamped.
• No payment may be made to any person claiming under such an assignment unless that assignment has been duly stamped.
• If a payment is made in breach of this section, the unpaid stamp duty (with interest and penalty) becomes a debt due from the payer to the Minister for Finance for the Central Fund.
• That debt is recoverable by the Attorney General by action or other appropriate proceedings in any court of competent jurisdiction, without prejudice to other modes of recovery.