Regulatory Alerts2007-04-06
Added
Motor Plans PI_STI_3_2007
The Registrar determines that motor vehicle maintenance and service plans constitute insurance business under the Miscellaneous class, specifically General Liability insurance, requiring all providers to be registered short-term insurers. All persons offering advice on these products must be registered as agents or brokers, and all persons offering the products must be registered insurers meeting the Act's requirements. Commission rates are capped at not more than 20% for brokers and 15% for agents, and conditional selling that restricts free choice of insurer is prohibited as an offence.
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