Section 52 — Credit Contracts and Consumer Finance Act 2003: Rebate of insurance

52 Rebate of insurance (1) The amount to be deducted under section 51 is an amount equal to a proportionate rebate of the premium paid under any consumer credit insurance contract financed under the consumer credit contract. (2) The rebate must be calculated using the procedure prescribed for the purposes of this section by regulations if regulations have prescribed a procedure. (3) An amount is to be deducted under subsection (1) only if the creditor has arranged the insurance. (4) If an amount is deducted under subsection (1) , the creditor may recover the amount from the insurer as a debt due. (5) In this section, insurance is arranged by the creditor if 1 or more of the following applies: (a) the creditor or a related company of the creditor is the insurer: (b) the creditor or a related company of the creditor acts as the agent of the insurer in relation to the insurance: (c) the creditor or a related company of the creditor receives a commission in relation to the insurance: (d) the creditor requires the debtor to obtain the insurance from a particular insurer.