168(1)Subject to subsection (2), an action or proceeding against an insurer for the recovery of insurance money shall not be commenced more than one year after the furnishing of the evidence required by section 165, or more than six years after the happening of the event upon which the insurance money becomes payable, whichever period first expires.

168(2)Where a declaration has been made under section 171, an action or proceeding to which reference is made in subsection (1) shall not be commenced more than one year after the date of the declaration.