93Particulars of insurance entered into by credit provider

93 Particulars of insurance entered into by credit provider

(1) For subsection 146(2) of the Code, the prescribed particulars of the insurance that a credit provider is to give to the debtor are the key features of the credit‑related insurance contract. (2) The key features of the contract are the following: (a) the name of the insurer; (b) the kind of insurance, the risks insured against and the exclusions; (c) the beneficiaries under the policy; (d) the expiry date of the policy; (e) the premium payable (to the extent ascertainable); (f) the fees and charges payable (to the extent ascertainable); (g) the person by whom, and the person with whom, a claim may be made in respect of the policy, and the manner of making such a claim. (3) A particular mentioned in subregulation (2) may be given by providing a copy of the policy containing the particular.

Note: Subsection 146(2) of the Code provides that, if a credit provider enters into a credit‑related insurance contract in which the debtor has a beneficial interest, the credit provider must ensure that a written notice containing particulars of the insurance prescribed by the regulations is given to the debtor within 14 days after the beneficial interest is acquired by the debtor.

Note: Credit‑related insurance consists of insurance over mortgaged property or consumer credit insurance.