law: Marine Insurance Act, 1963 
  17. Assignment of interest 
  Where the assured
  
  assigns or otherwise parts with his interest in the subject-matter insured, he
  
  does not thereby transfer to the assignee his rights under the contract of
  
  insurance, unless there be an express or implied agreement with the assignee to
  
  that effect.
  But the provisions of
  
  this section do not affect transmission of interest by operation of law.