Cap. 403 Art. 44Statutory notice by an authorised undertaking in relation to long term policy.

(1) No insurance undertaking authorised under this Act to carry on long term business shall enter into a contract of insurance the effecting of which constitutes the carrying on of long term business, unless such undertaking either -

(a) has served on the other party to the contract by means as may be prescribed a statutory notice in relation to that contract; or

(b) does so at the time when the contract is entered into.

(2) Regulations under this article may be made with respect to any matter related to a statutory notice; and the regulations may exempt from any requirement contracts as may therein be prescribed.

(3) For the purposes of this article a statutory notice is a notice which -

(a) contains such matters (and no others) and is in such form as may be prescribed and complies with such requirements as may be prescribed for securing that the notice is easily intelligible; and

(b) has annexed to it a form of notice of cancellation of a description as may be prescribed for serving by means as may be prescribed a notice of cancellation on the authorised undertaking.