Acts and Regulations

I-12 - Insurance Act

Full text
Instrument or order of a court affecting right to receive insurance money, assignment
210(1)Until an insurer receives at its head or principal office in Canada an instrument or an order of a court affecting the right to receive insurance money, or a notarial copy or a copy verified by statutory declaration of any such instrument or order, it may make payment of the insurance money and shall be as fully discharged to the extent of the amount paid as if there were no such instrument or order.
210(2)Subsection (1) does not affect the rights or interests of any person other than the insurer.
210(3)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) any assignee other than one who gave notice earlier in like manner, and
(b) a beneficiary.
210(4)Where a contract is assigned unconditionally and otherwise than as security, the assignee has all the rights and interests given by the contract and by this Part to the insured, and shall be deemed to be the insured.
210(5)A provision in a contract to the effect that the rights or interests of the insured, or in the case of a contract of group insurance the group person insured, are not assignable, is valid.
1968, c.6, s.210