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Deed Of Assignment Life (Insurance)

Deed Of Assignment Life (Insurance) Template for Ireland

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Key Requirements PROMPT example:

Deed Of Assignment Life (Insurance)

"I need a Deed of Assignment Life (Insurance) to transfer my AIB life insurance policy (value €500,000) to ABC Bank Limited as security for a business loan, with the assignment to take effect from March 1, 2025."

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Document background
A Deed Of Assignment Life (Insurance) is a crucial legal instrument used in Irish financial and insurance practice when transferring ownership rights of life insurance policies. This document is commonly required in various scenarios, including estate planning, loan security arrangements, or family wealth transfer. It must comply with Irish legal requirements, particularly those set out in the Insurance Act 1936 and related legislation. The deed includes essential elements such as policy details, party information, assignment terms, and proper execution requirements. It's particularly important in Ireland where specific formalities must be observed for the valid assignment of life policies. The document serves as conclusive evidence of the transfer and is typically required by insurance companies to record and act upon the assignment.
Suggested Sections

1. Parties: Identifies the Assignor (current policy owner), Assignee(s), and the Insurance Company

2. Background: Recitals explaining the existence of the policy and the intention to assign

3. Definitions: Defines key terms including 'Policy', 'Assignment Date', 'Rights', and other relevant terms

4. Assignment: The operative clause that legally transfers the policy from Assignor to Assignee

5. Consideration: States the consideration (if any) for the assignment

6. Assignor's Covenants: Warranties and representations by the Assignor regarding ownership and right to assign

7. Notice and Policy Documents: Requirements for notifying the insurer and handling policy documentation

8. Further Assurance: Commitment to execute further documents if needed to perfect the assignment

9. Governing Law: Confirms Irish law as governing law

10. Execution: Formal execution block meeting Irish deed requirements

Optional Sections

1. Trustee Provisions: Required when assignment is to trustees, including trustee powers and indemnities

2. Joint Assignees: Required when there are multiple assignees, defining their respective rights

3. Power of Attorney: Optional clause giving Assignee power to deal with policy directly

4. Tax Declarations: Required when assignment has specific tax implications that need documentation

5. Spousal Consent: Required when policy is being assigned away from a spouse with legal interest

6. Revocation Rights: Optional section when assignment needs to be revocable under specific conditions

Suggested Schedules

1. Schedule 1 - Policy Details: Full details of the life insurance policy being assigned including policy number, date, sum assured

2. Schedule 2 - Notice Requirements: Specific requirements and format for notifying the insurance company

3. Schedule 3 - Assignor Details: Full details of the Assignor including address history and policy ownership evidence

4. Appendix A - Required Forms: Insurance company specific forms required for recording the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Insurance

Financial Services

Legal Services

Wealth Management

Estate Planning

Banking

Trust Services

Relevant Teams

Legal

Compliance

Insurance Operations

Wealth Management

Risk Management

Policy Administration

Document Processing

Financial Advisory

Trust Administration

Relevant Roles

Insurance Underwriter

Legal Counsel

Compliance Officer

Financial Advisor

Estate Planner

Trust Officer

Insurance Administrator

Wealth Manager

Risk Manager

Policy Administrator

Legal Document Specialist

Insurance Operations Manager

Industries
Insurance Act 1936: Primary legislation governing insurance contracts in Ireland, establishing basic requirements for insurance policies and their assignment
Civil Law (Miscellaneous Provisions) Act 2011: Contains provisions regarding the execution of deeds and legal instruments in Ireland
Consumer Insurance Contracts Act 2019: Modern legislation governing insurance contracts with consumers, including provisions affecting assignment of policies
Land and Conveyancing Law Reform Act 2009: Contains provisions regarding the formal requirements for deeds and their execution in Ireland
Taxes Consolidation Act 1997: Covers tax implications of life insurance policy assignments and relevant stamp duty considerations
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010: Relevant for due diligence requirements when processing financial assignments
Succession Act 1965: Relevant when the assignment of life insurance policies intersects with inheritance matters
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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