Section 61: Notice of assignment to be given.

(1) No assignment of a policy of life insurance shall confer on the assignee or his personal representatives any right to sue for the amount of the policy or the insured money, unless a written notice of the date and purport of the assignment is given to the insurer liable under the policy at his principal address of business.
(2) The date on which the notice is received shall regulate the priority of all claims under the assignment.