Definition

1   In this regulation, "creditor's group insurance" has the same meaning as in Part 3 [Life Insurance] or Part 4 [Accident and Sickness Insurance] of the Insurance Act, as applicable.

Right of rescission — creditor's group insurance

2   (1) An insurer must provide the debtor insured under a contract of creditor's group insurance with a right to cancel the coverage by notifying, not more than 10 days after the date the debtor insured receives a group certificate in respect of the coverage, or within a longer period specified in the contract,

(a) the insurer, or

(b) the person responsible for soliciting, or enrolling the debtor insured into, the contract.

(2) If a debtor insured exercises the right under subsection (1), the insurer must refund to the debtor insured the whole of the premium that has been paid in respect of the cancelled coverage.