(1) After the coming into force of this Act, every assignment of a policy shall be by deed or other instrument in writing.
(2) An assignment is not binding on the company liable under the policy until written notice of the date and purport of the assignment is received by the company at its principal office in Saint Lucia.
(3) Every insurer shall in a register of policies required by section 156 to be maintained, enter the date and purport of every assignment of which it receives notice and the date on which the notice is received.
(4) Upon the presentation of a memorandum of discharge of an assignment, the insurer shall enter the discharge in the register.