28. Register of policies and register of claims

Every insurer shall, in respect of all insurance business transacted by such insurer, keep and maintain —

a register or record of policies, in which shall be entered in respect of every policy issued by the insurer, the name and address of the policy holder, the date when the policy was effected, and particulars of any transfer, assignment or nomination of which the insurer has notice ; and

a register or record of claims in which shall be entered every claim presented to the insurer, together with the date of the claim and the name and address of the claimant, the date of settlement of the claim, and where a claim is repudiated the date of repudiation and the grounds therefor.