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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

Definitions

Application of rates

Short title

These regulations may be cited as Insurance Premiums Interest Rates Regulations

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Definitions

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

The interest rates set out in

section 2 apply to contracts of automobile insurance renewed or entered into after

August 1, 2004

Earl G. Tucker, Queen's Printer