The Motor Vehicles (Third Party Risks) Regulations 1972

12.—(1) The following provisions shall apply in relation to the transfer of a policy or security with the consent of the holder to any other person:—

(a) the holder shall, before the policy or security is transferred, return any relative certificates issued for the purposes of these Regulations to the company by whom they were issued; and

(b) the policy or security shall not be transferred to any other person unless and until the certificates have been so returned or the company are satisfied that the certificates have been lost or destroyed.

(2) In any case where with the consent of the person to whom it was issued a policy or security is suspended or ceases to be effective, otherwise than by effluxion of time, in circumstances in which the provisions of section 147(4) of the Act (relating to the surrender of certificates) do not apply, the holder of the policy or security shall within seven days from the date when it is suspended or ceases to be effective return any relative certificates issued for the purposes of these Regulations to the company by whom they were issued and the company shall not issue a new policy or security to the said holder in respect of the motor vehicle or vehicles to which the said first mentioned policy or security related unless and until the certificates have been returned to the company or the company are satisfied that they have been lost or destroyed.

(3) Where a policy or security is cancelled by mutual consent or by virtue of any provision in the policy or security, any statutory declaration that a certificate has been lost or destroyed made in pursuance of section 147(4) (which requires any such declaration to be made within a period of seven days from the taking effect of the cancellation) shall be delivered forthwith after it has been made to the company by whom the policy was issued or the security given.

(4) The provisions of the last preceding paragraph shall be without prejudice to the provisions of paragraph (c) of subsection (2) of section 149 of the Act as to the effect for the purposes of that subsection of the making of a statutory declaration within the periods therein stated.