Insurance policies
 21. (1) A policy shall take effect when it has been executed by or on behalf of the insurer and the declarant and when it has been delivered to the trustee or the declarant’s solicitor holding the money for which the policy is being provided as security.  O. Reg. 48/01, s. 21 (1). (2) The trustee or the declarant’s solicitor, as the case may be, shall hold the policy in trust for the beneficiary until the insurer is no longer liable under it in accordance with subsection (8).  O. Reg. 48/01, s. 21 (2). (3) The declarant shall pay the premiums in respect of a policy and shall not directly or indirectly transfer the cost of the premiums to the beneficiary.  O. Reg. 48/01, s. 21 (3). (4) The obligations of the insurer to the beneficiary under a policy shall not be affected by, (a) failure of the declarant to pay any premiums owing under the policy; (b) failure of the declarant to notify the insurer of the receipt of payments described in subsection 81 (1) of the Act; or (c) breach of any term or condition of the policy.  O. Reg. 48/01, s. 21 (4). (5) Upon request, the trustee or the declarant’s solicitor, as the case may be, shall deliver the policy to the beneficiary so that the beneficiary can make a claim under it.  O. Reg. 48/01, s. 21 (5). (6) Immediately upon receiving written notice of a claim by the beneficiary under a policy, the insurer shall provide the beneficiary with forms upon which to make proof of loss.  O. Reg. 48/01, s. 21 (6). (7) An insurer that receives written notice of a claim under subsection (6) shall pay the beneficiary within 60 days after the right of the beneficiary to payment under the policy has been established.  O. Reg. 48/01, s. 21 (7). (8) An insurer shall remain liable under a policy until, (a) the declarant delivers to the beneficiary a deed in registerable form to the unit, in respect of which the beneficiary or a person on the beneficiary’s behalf has made a payment described in subsection 81 (1) of the Act; (b) the declarant pays the beneficiary all money paid under subsection 81 (1) of the Act and interest on it payable by the declarant under the Act; (c) the insurer pays the beneficiary the amount of the loss; (d) the beneficiary acknowledges in writing that, (i) the beneficiary is not entitled to the payments made by or on behalf of the beneficiary under subsection 81 (1) of the Act in respect of a proposed unit in the corporation and the interest payable on the payments by the declarant, and (ii) the insurer is no longer liable under the policy; or (e) a court of competent jurisdiction has made a final determination that the beneficiary is not entitled to the payments made by or on behalf of the beneficiary under subsection 81 (1) of the Act in respect of a proposed unit in the corporation and the interest payable on the payments by the declarant.  O. Reg. 48/01, s. 21 (8). (9) An insurer who is required to make a payment under a policy shall pay interest to the beneficiary to the date of payment of the loss at the rate prescribed under subsection 19 (3) or 19.1 (3), as applicable.  O. Reg. 48/01, s. 21 (9); O. Reg. 504/22, s. 3. (10) A provision in a policy that derogates in any manner from any right or benefit that this section confers on a beneficiary is void to the extent that it derogates from the right or benefit.  O. Reg. 48/01, s. 21 (10).