Document ID: chunk:federal_register_of_legislation:C2024C00063:section:62
Version: federal_register_of_legislation:C2024C00063
Segment Type: section
Provision Reference: s 62
Character Range: 114707–115315

62  Cancellation of instalment contracts of general insurance
 (1) An instalment contract of general insurance may include provisions inconsistent with section 59 with respect to the cancellation of the contract for non‑payment of an instalment of the premium.
 (2) An insurer may not rely on such a provision unless:
 (a) at least one instalment of the premium has remained unpaid, at the time when the contract is sought to be cancelled, for a period of at least one month; and
 (b) before the contract was entered into, the insurer clearly informed the insured in writing of the effect of the provision.