Who are considered the "owners" in the context of segregated funds and annuities?

In the context of segregated funds and annuities, the term "owners" specifically refers to individuals or entities that hold the contracts and have established rights over them. These owners have the legal authority to make decisions regarding the contracts, including the right to withdraw funds, change beneficiaries, or surrender the contract altogether. This ownership status is crucial because it determines who benefits from the investment and who is responsible for any associated decisions.

The focus on individuals or entities contrasts sharply with institutional investors, fund managers, or other stakeholders, as those parties may have different roles and responsibilities that do not include direct ownership of the contracts themselves. For instance, while fund managers and product creators design and manage the investment options, they do not possess ownership rights over the contracts held by individuals or entities. This distinction is fundamental in understanding the legal and financial structure of segregated funds and annuities.