Commonwealth Numbered Regulations Commonwealth Numbered Regulations(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.
Credit-related insurance consists of insurance over mortgaged property or consumer credit insurance.