(1) The rights and liabilities arising under a policy shall not be deemed, either at law or in equity, to be merged or extinguished by reason only of an assignment of the policy, whether at law or in equity, to the company which issued the policy.
(2) Despite anything to the contrary in section 100 or section 101, but subject to subsection (3), no assignment of an industrial policy shall be valid without the consent of the company liable under such policy.
(3) Where the company refuses its consent to the assignment of an industrial policy, the policy-holder may appeal to the Registrar whose decision shall be final.