What legislation made statutory assignment possible?

The correct answer is the Policies of Assurance Act 1867, which played a significant role in the development of insurance law by allowing for statutory assignment of insurance policies. This legislation was pivotal in providing a clear framework for the assignment of rights under insurance policies, making it easier for policyholders to transfer their interests in an insurance policy to another person or entity.

By enabling statutory assignments, the act created a more organized system for the transfer of rights and obligations within insurance contracts. This increased the marketability of policies and allowed for greater flexibility in the management of insurance assets.

In contrast, the Marine Insurance Act 1906 primarily focused on marine insurance and did not address the broader concept of assignment applicable to all types of insurance policies. The Contracts Act 1977 does pertain to contracts in general but does not specifically establish statutory assignment as a legal principle in insurance. The Law of Property Act 1925 also deals with property rights but is not primarily focused on insurance policy assignment. Thus, the Policies of Assurance Act 1867 is the key legislation that made statutory assignment possible in the context of insurance law.