PART VII ACCIDENT AND SICKNESS INSURANCE
Designation of beneficiary
313 (1) Subject to subsection (1.2), an insured may in a contract or by a declaration designate the insured, the insured’s personal representative or a beneficiary to receive insurance money as a person to whom or for whose benefit insurance money is to be payable.  2012, c. 8, Sched. 23, s. 53 (1). Electronic declaration (1.0.1) 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. 10. Same, Authority rule requirements (1.0.2) 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. 10. Designation may be altered, revoked (1.1) Subject to section 314.1, an insured may by declaration alter or revoke a designation referred to in subsection (1).  2012, c. 8, Sched. 23, s. 53 (1). Limits imposed by insurer (1.2) 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. 53 (1); 2017, c. 34, Sched. 21, s. 23. Where contract of group insurance is replaced (1.3) A contract of group insurance replacing another contract of group insurance on some or all of the group persons insured under the replaced contract may provide that a designation applicable to the replaced contract of a group person insured, a group person 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. 53 (1). Same (1.4) Where a contract of group insurance replacing another contract of group insurance provides that a designation referred to in subsection (1.3) 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 person insured should review the existing designation to ensure it reflects the group person 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. 53 (1). Where a settlement option applies (1.5) 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 pursuant to a contract on the life of the beneficiary, and, subject to the provisions of the settlement option, the beneficiary has the same rights and interests with respect to the insurance money that an insured has under a contract of life insurance.  2012, c. 8, Sched. 23, s. 53 (1). Designation in invalid will (2) A designation in an instrument purporting to be a will is not ineffective by reason only of the fact that the instrument is invalid as a will or that the designation is invalid as a bequest under the will. R.S.O. 1990, c. I.8, s. 313 (2). Priorities (3) Despite the Succession Law Reform Act, a designation in a will is of no effect against a designation made later than the making of the will. R.S.O. 1990, c. I.8, s. 313 (3); 2012, c. 8, Sched. 23, s. 53 (2). Revocation (4) If a designation is contained in a will and subsequently the will is revoked by operation of law or otherwise, the designation is thereby revoked. R.S.O. 1990, c. I.8, s. 313 (4). Idem (5) If a designation is contained in an instrument that purports to be a will and subsequently the instrument, if it had been valid as a will, would have been revoked by operation of law or otherwise, the designation is thereby revoked. R.S.O. 1990, c. I.8, s. 313 (5). Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 53 (1, 2) - 01/07/2016 2017, c. 34, Sched. 21, s. 23 - 08/06/2019 CTS 04 SE 18 - 1 2019, c. 7, Sched. 33, s. 10 - 08/06/2019 Death of beneficiary or insured, etc.