April 12, 2006
The Lieutenant Governor in Council makes the Market Conduct Amendment Regulation set out in the attached Appendix.
For Information only
Recommended by: Minister of Finance
Authority: Insurance Act
1 The Market Conduct Regulation (AR 128/2001) is amended by this Regulation.
2 The title is struck out and the following is substituted:
FAIR PRACTICES REGULATION
3 Section 1 is amended by striking out "(SA 1999 cI-5.1)".
4 Section 2 is amended
(a) in clause (a) by striking out "and";
(b) by adding the following after clause (a):
(a.1) if the policy premium is a grid premium under the Automobile Insurance Premiums Regulation (AR 124/2004), notify the insured that the insured has an option to repay the amount of the claim within 90 days of the claim being paid, and
5 Section 3 is amended by adding ", at the time of the recommendation," after "writing".
6 Section 6 is amended by striking out "May 1, 2006" and substituting "April 30, 2016".
7 The Fair Practices Regulation (AR 382/2003) is repealed.