Draft regulations under the insurance act


Insurance re loan

    1. A borrower who is required by an insurer (if the insurer is providing a loan) to purchase any insurance may purchase it from any insurer who may lawfully provide that type of insurance, except that the insurer who is providing the loan may reserve the right to disapprove, on reasonable grounds, another insurer selected by the borrower.

    2. An insurer (if the insurer is providing a loan) who offers to provide or to arrange insurance referred to in subsection (1) must at the same time clearly disclose to the borrower in writing that the borrower may purchase the required insurance through an agent and from another insurer of the borrower's choice.



  1.   This Regulation comes into force on [insert date].

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