Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part VII: Business practice, policies and policyholder protectionPolicyholder protection64. Selection for realisation of protected policies |
If—
| (a) | two or more long-term policies referred to in section 63 , held by the same policyholder, are attached in execution of a judgment or order of any court at the instance of a creditor; or |
| (b) | the policyholder of two or more long-term policies referred to in section 63 is found to be or otherwise declared insolvent by a Court, |
and only a part of the aggregate realisable value of the policies is protected as contemplated in that section, the judgment creditor or the trustee of the insolvent estate. as the case may be, shall determine which policy or policies shall be realised, wholly or partially. in order to make available to him or her so much of the aggregate realisable value as is not so protected and to which he or she is entitled.