Return of industrial policies, etc., after inspection

Where a company which carries on industrial life insurance business, or any person authorised by such a company takes possession of an industrial policy or premium receipt book or other document issued in connection with the policy, a receipt for the policy, book or document shall be given to the person from whom it was received, and the policy, book or document shall be returned to that person on demand at any time after the expiration of twenty- eight days, unless– (a) it is required for the purposes of evidence in legal proceedings; (b) the policy has been terminated by reason of the satisfaction of all claims capable of arising under it; or (c) in the case of a policy, the company is entitled to retain the policy as security for money owing to the company by the policyholder.