Our legal division recently referred two examples of advertisements to the FSB for commentary following complaints from compliance clients. We were not trying to nail anyone, but really only trying to understand the principles which applies when considering whether a business practice can be seen as an inducement in contravention with Section 44 or 45, or not. No person shall provide, or offer to provide, directly or indirectly, any valuable consideration as an inducement to a person to enter into, continue, vary or cancel a short-term policy, other than a short-term reinsurance policy. That being said, there are certain principles that can be applied when considering whether or not the offering constitutes an inducement: The above must not be construed as an exhaustive list and, as stated above, each case must be assessed on its own merits.Short Term Insurance Explained
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Free choice in certain circumstances. Prohibition on inducements. Collection of . a long-term insurer under the Long-term Insurance Act, ; (xxi ) “Registrar” means tbe Registrar of Short-term Insurance referred to in section. Protection Rules (“PPRs”) made under section 62 of the Long-term Insurance Act, as set out in the schedule. The replacement of the PPRs is necessary to. registered under the Long-term Insurance Act, , the Short-term . part of the information to be determined under section 44 of the. Act.
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