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NEWFOUNDLAND AND LABRADOR
REGULATION 83/04

Insurance Premiums Interest Rates Regulations
under the
Automobile Insurance Act

( July 28, 2004 )

Under the authority of subsection 6.3(2) of the Automobile Insurance Act , the minister makes the following regulations.

Dated at St. Johns , July 28, 2004 .

Dianne Whalen
Minister of Government Services

REGULATIONS

Analysis



Short title

        1. These regulations may be cited as Insurance Premiums Interest Rates Regulations .

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Definitions

        2. Where an insured pays a premium required under an automobile insurance contact in equal monthly instalments, an insurer shall not charge a rate of interest exceeding

             (a)  3% of the total premium payable under the contract if the term of the contract is 12 months or more;

             (b)  1.5% of the total premium payable under the contract if the term of the contract is 6 months or more but less than 12 months; and

             (c)  0.5% of the total premium payable under the contract if the term of the contract is less than 6 months.

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Application of rates

        3. The interest rates set out in section 2 apply to contracts of automobile insurance renewed or entered into after August 1, 2004 .