161(1)Where an assignee of a contract gives notice in writing of the assignment to the insurer at its head or principal office in Canada, he has priority of interest as against
(a)
an assignee other than one who gave notice earlier in like manner, and
(b)
a beneficiary other than one designated irrevocably as provided in section 152, prior to the time the assignee gave notice to the insurer of the assignment in the manner prescribed in this subsection.
161(2)Where a contract is assigned as security, the rights of a beneficiary under the contract are affected only to the extent necessary to give effect to the rights and interests of the assignee.
161(3)Where a contract is assigned unconditionally and otherwise than as security, the assignee has all the rights and interests given to the insured by the contract and by this Part and shall be deemed to be the insured.
161(4)A provision in a contract to the effect that the rights or interests of the insured, or in the case of group insurance the group life insured, are not assignable is valid.