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OC 16/2019 - The Insurance Amendment Regulations, 2019 (Minister of Justice and Attorney General)
Description:

Title: The Insurance Amendment Regulations, 2019

Minister: Minister of Justice and Attorney General

Summary: The day on which section 1-1 of The Insurance Act comes into force, these regulations will amend RRS I-9.11 Reg 1 to:

  • Add a new required notice when selling insurance through electronic media;
  • Continue to limit the amount of deposits that a licensed insurer can accept with respect to certain contracts of life insurance;
  • Exempt life insurance contracts from the premium refund requirements in The Insurance Act (the “Act”);
  • Specify when and how notice can be deemed to have been given when one individual places insurance on another;
  • Exempt advertising material from the Act requirements respecting listing head office or chief office information as long as the material lists both a website and a toll-free telephone number;
  • Exempt life and accident and sickness insurance contracts from certain restricted licensee requirements in the Act;
  • Extend the current exemption from the 10-day right to rescind in the Act to include contracts of group life insurance and creditor’s group life insurance;
  • Add transitional provisions to confirm which new requirements will apply to existing contracts of insurance when the Act comes into force; and
  • Make a number of housekeeping changes.
See: The Insurance Act, sections 1-17, 2-46, 7-27, 8-212 and 10-48

Date signed: January 22, 2019





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