Contracts for payment or transfer

(1) If any contract, agreement, deed or other instrument relating to the payment of a claim or the delivering or transferring of property, whether real or personal, wherever situate, is entered into by a company incorporated under this Act and the contract, agreement, deed or other instrument designates a payee or beneficiary to receive the payment or property– (a) upon the death of the person making the designation; (b) upon the death of another person; or (c) upon the happening of any other event specified in the contract, agreement, deed or other instrument, then, any such payment, delivery or transfer, the rights of any payee or beneficiary, and the ownership of any property received, are not impaired or defeated by any law or rule of law governing the transfer of property by will, gift or intestacy. (2) Sub-section (1) applies to a contract, agreement, deed or other instrument referred to in that sub-section notwithstanding anything to the contrary in the law of any other jurisdiction, including the law of any jurisdiction where the person making the designation referred to in sub-section (1) resides or is domiciled, and notwithstanding that– (a) the designation is revocable or subject to change; or (b) the claim or property– (i) is not yet payable or transferable, as the case may be, at the time the designation is made; or (ii) is subject to withdrawal, collection or assignment by the person making the designation.