PART XIII - PAYMENT OF POLICY MONEYS UNDER A LIFE POLICY OR PERSONAL ACCIDENT POLICY
Section 164. Revocation of nomination.
(1) A nomination, including a nomination to which section 166 applies, shall be revoked-
(a) upon the death of the nominee, or where there is more than one nominee, upon the death of all the nominees, during the life-time of the policy owner;
(b) by a notice in writing given by the policy owner; or
(c) by any subsequent nomination.
(2) Subject to subsection (1), a nomination shall not be revoked by a will or by any other act, event or means.
(3) Where there is more than one nominee and one of the nominees predeceases the policy owner, in the absence of any subsequent nomination by the policy owner disposing of the share of the deceased nominee, the licensed insurer shall pay the share to the remaining nominees in proportion to their respective shares.