Section 80: Information on policies

80. Information on policies (1) Where an insurance policy, other than a reinsurance treaty, is entered into or varied, the insurer, or the insurance agent, shall, not later than 30 days after the policy has been entered into, provide for the purpose of the policy holder written information, in the form of a summary, relating to at least the following matters, namely— (a) those of the representations made by or on behalf of the policy holder to the insurer which were regarded by that insurer as material to its assessment of the risks under the policy; (b) the premiums payable and the policy benefits to be provided under the policy; (c) the disclosure of fees, commissions and other costs on the policy; (d) the events in respect of which the policy benefits are to be provided and the circumstances, if any, in which those benefits are not to be provided. (2) The summary referred to in subsection (1)— (a) may be used in evidence where it is relevant to determine any matter relating to the policy; (b) shall, in the absence of evidence to the contrary, be deemed to be representative of the matters which are material to the assessment of the risks under the policy. (3) An insurer or an insurance agent who knowingly provides a summary required to be made under this section which is false or misleading in any material particular, shall commit an offence, and shall, on conviction, be liable to a fine not exceeding one million rupees or to imprisonment for a term not exceeding 5 years.