(1) Except with the permission of the Director of Finance and Planning, a person resident in Saint Lucia shall not transfer to a person resident outside the scheduled territories, or who is to be a nominee for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Director of Finance and Planning, any payment thereof to any other person—
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(a) he or she shall not be bound to inquire as to the residence of any person other than the person to whom, and (if he or she is not the same person) the person to whose order the payment is made; and
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(b) the payment shall, to the extent of the sums paid, discharge him or her from his or her liability under the policy, although the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection.