General Section 35: Contracts of insurance
This section provides that the prohibition under section 1 would not apply to a transaction under an insurance policy that is in force at the time that the prohibition under section 1 comes into force. It also ensures that the acquisition or disposal of an ivory item by a regulated insurer as a result of standard insurance activities will not be covered by the prohibition in section 1.
	This means that insurance agreements between (i) owners of insured ivory items and their insurers and (ii) insurers and other insurers and re-insurers will not be affected by the Act. For example, where an insurer acquires title to an item as a result of paying out on a claim made by an insured person following a loss or theft, this will be exempt from the section 1 prohibition. Where the item is subsequently recovered, and the insurance company "re-sells" it to be insured person in return for the repayment of the consideration paid out, this is also exempt. Transfer of title between insurers and re-insurers also fall outside of the prohibition in section 1 (e.g. when insurers merge or re-insure insurance contracts). An insurer is not, however, permitted to sell an ivory item to which it has acquired the title on to a third party, unless that item is registered or certified as exempt.