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Beneficiary Designation - 2011

Category:LEGISLATION
Sub-Category:PENSIONS & INSURANCE - LIFE INSURANCE ACT AMENDMENTS
Resolution Number:100.21.3
Club:Brampton
Year:2011
Status:Open
Reaffirmed:
Comments:

RESOLUTION: THEREFORE BE IT RESOLVED that women need to have their beneficiaries, including brothers, sisters, nieces, nephews and cousins, protected from creditors; AND FURTHER BE IT RESOLVED that BPW Ontario request the Minister of Finance to amend Ontario, Insurance Act R.S.O. 1990, Chapter 1.8, Section 196(2) , to add Brothers, Sisters, Nieces, Nephews and Cousins of a person whose life is insured to the existing wording, so that the section reads “While a designation in favour of a spouse, child, grandchild, parent; brother, sister, niece, nephew or cousin of a person whose life is insured, or any of them, is in effect, the rights and interests of the insured in the insurance money and in the contract are exempt from execution or seizure.”

 

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Article ID: 4360

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