PART IV FIRE INSURANCE
Designation of beneficiary
190 (1) Subject to subsection (4), an insured may in a contract or by a declaration designate the insured, the insured’s personal representative or a beneficiary as one to whom or for whose benefit insurance money is to be payable.  2012, c. 8, Sched. 23, s. 22 (1). Electronic declaration (1.1) Despite anything to the contrary in the Succession Law Reform Act, a declaration under this section may be provided electronically. 2019, c. 7, Sched. 33, s. 6. Same, Authority rule requirements (1.2) An electronic declaration under this section must comply with such requirements as may be prescribed by the Authority rules. 2019, c. 7, Sched. 33, s. 6. Change in designation (2) Subject to section 191, the insured may from time to time alter or revoke the designation by a declaration. R.S.O. 1990, c. I.8, s. 190 (2). Meaning of “heirs”, etc. (3) A designation in favour of the “heirs”, “next of kin” or “estate” of the insured, or the use of words of like import in a designation, shall be deemed to be a designation of the personal representative of the insured.  R.S.O. 1990, c. I.8, s. 190 (3). Restriction on designations (4) Subject to the Authority rules, an insurer may restrict or exclude in a contract the right of an insured to designate persons to whom or for whose benefit insurance money is to be payable.  2012, c. 8, Sched. 23, s. 22 (2); 2017, c. 34, Sched. 21, s. 15. Designation may apply to replacement contract (5) A contract of group insurance replacing another contract of group insurance on some or all of the group life insured under the replaced contract may provide that a designation applicable to the replaced contract of a group life insured, a group life insured’s personal representative or a beneficiary as one to whom or for whose benefit insurance money is to be payable shall be deemed to apply to the replacement contract.  2012, c. 8, Sched. 23, s. 22 (2). Same (6) Where
a contract of group insurance replacing another contract of group insurance provides that a designation referred to in subsection (5) shall be deemed to apply to the replacement contract, (a)  each certificate in respect of the replacement contract must indicate that the designation under the replaced contract has been carried forward and that the group life insured should review the existing designation to ensure it reflects the group life insured’s current intentions; and (b)  as between the insurer under the replacement contract and a claimant under that contract, that insurer is liable to the claimant for any errors or omissions by the previous insurer in respect of the recording of the designation carried forward under the replacement contract.  2012, c. 8, Sched. 23, s. 22 (2). Settlement option (7) Where
a beneficiary becomes entitled to insurance money and all or part of that insurance money remains with the insurer under a settlement option provided for in the contract or permitted by the insurer, that portion of the insurance money remaining with the insurer shall be deemed to be insurance money held under a contract on the life of the beneficiary and, subject to the provisions of the settlement option, the beneficiary has the rights and interests of an insured with respect to the insurance money.  2012, c. 8, Sched. 23, s. 22 (2). Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 22 (1, 2) - 01/07/2016 2017, c. 34, Sched. 21, s. 15 - 08/06/2019 CTS 04 SE 18 - 1 2019, c. 7, Sched. 33, s. 6 - 08/06/2019