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Insurance Premiums Interest Rates Regulations
Under the authority of subsection 6.3(2) of the Automobile Insurance Act , the minister makes the following 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
Application of rates
The interest rates set out in section 2 apply to contracts of automobile insurance renewed or entered into after
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