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Premiums Interest Rates Regulations
Under the authority of subsection 6.3(2) of the Automobile Insurance Act, the minister makes the following regulations.
1. Short title
3. Application of rates
1. These regulations may be cited as Insurance Premiums Interest Rates Regulations.
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.
Application of rates
interest rates set out in section 2 apply to contracts of automobile insurance
renewed or entered into after
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