Document ID: chunk:federal_register_of_legislation:F2019L01172:reg:12
Version: federal_register_of_legislation:F2019L01172
Segment Type: reg
Provision Reference: reg 12
Character Range: 8422–9883

12  Notice of cancellation etc of contract of insurance
 (1) This section is made for the purposes of paragraph 41K(d) of the Act.
 (2) The insurer under an acceptable contract of insurance must give CASA written notice of either of the following events:
 (a) a modification of the contract that will result in the contract no longer meeting a prescribed requirement mentioned in subsection 41C(2) of the Act;
 (b) the cancellation of the contract by the insurer.
 (3) The insurer must give the notice under subsection (2):
 (a) no later than the end of the third business day before the day the event is expected to happen; or
 (b) if the insurer had no reasonable expectation of the event at any time before the end of the third business day before the day the event happens—no later than the end of the first business day after the day the event happens.
 (4) The insurer under an acceptable contract of insurance that is not renewed must give CASA written notice of the non‑renewal within 3 business days after the contract expires.
 (5) The insurer under an acceptable contract of insurance must give CASA written notice of a terminating event within 3 business days after the insurer becomes aware, or ought reasonably to have become aware, of the event.
 (6) A terminating event means an act of the carrier that would, apart from subsection 13(4), have as a result the contract ceasing to be in force before the end of the term set out in the contract.