Acts and Regulations

I-12 - Insurance Act

Section 133
Disposition versions

Full text
Application of part – general
133(1)Notwithstanding any agreement, condition, or stipulation to the contrary, this Part applies to a contract made in the Province on or after July 1, 1962, and, subject to subsections (2) and (3), applies to a contract made in the province before that day.
133(2)The rights and interests of a beneficiary for value under a contract that was in force immediately prior to July 1, 1962, are those provided in Part V of the Insurance Act then in force.
133(3)Where the person who would have been entitled to the payment of insurance money if the money had become payable immediately prior to July 1, 1962, was a preferred beneficiary within the meaning of Part V of the Insurance Act then in force, the insured may not, except in accordance with that Part
(a) alter or revoke the designation of a beneficiary, or
(b) assign, exercise rights under or in respect of, surrender or otherwise deal with, the contract,
but this subsection does not apply after a time at which the insurance money, if it were then payable, would be payable wholly to a person other than a preferred beneficiary within the meaning of that Part.
1968, c.6, s.133
Application of part
133(1)Notwithstanding any agreement, condition, or stipulation to the contrary, this Part applies to a contract made in the Province on or after July 1, 1962, and, subject to subsections (2) and (3), applies to a contract made in the province before that day.
133(2)The rights and interests of a beneficiary for value under a contract that was in force immediately prior to July 1, 1962, are those provided in Part V of the Insurance Act then in force.
133(3)Where the person who would have been entitled to the payment of insurance money if the money had become payable immediately prior to July 1, 1962, was a preferred beneficiary within the meaning of Part V of the Insurance Act then in force, the insured may not, except in accordance with that Part
(a) alter or revoke the designation of a beneficiary, or
(b) assign, exercise rights under or in respect of, surrender or otherwise deal with, the contract,
but this subsection does not apply after a time at which the insurance money, if it were then payable, would be payable wholly to a person other than a preferred beneficiary within the meaning of that Part.
1968, c.6, s.133