Credit Act 1984

A contract of insurance (other than compulsory insurance) that is entered into in relation to a regulated contract and to which the debtor is a party shall be in writing and shall—

identify the subject-matter of the insurance;

state the name and address of the insured person; and

include a statement of—

each amount for which insurance is or is to be provided or the manner in which each such amount may be determined;

the period for which insurance is or is to be provided;

the risks to which the insurance relates;

each amount payable under the contract of insurance in respect of the insurance of property to which the regulated contract relates;

each amount payable under the contract of insurance in respect of insurance against a risk referred to in clause 1(e) of Schedule 2, clause 1(b) of Schedule 4 or clause 1(k) of Schedule 7; and

each other amount (if any) payable under the contract of insurance in respect of insurance of property subject to a mortgage relating to the regulated contract.

Where a contract of insurance—

is entered into between the debtor and an insurer in relation to a regulated contract—the insurer shall, within fourteen days after the contract of insurance is entered into, give to the debtor a copy of the contract of insurance; or

has been or is entered into between the credit provider and an insurer in relation to a regulated contract and the debtor has a beneficial interest thereunder—the credit provider shall, within fourteen days after the beneficial interest is acquired by the debtor, give to the debtor a written notice containing the prescribed particulars relating to the contract of insurance.

A provision with respect to the submission to arbitration of any matter arising out of a contract of insurance referred to in subsection (1) does not bind the insured except where the provision is contained in a contract or agreement entered into after a difference or dispute has arisen between the insurer and the insured, providing for the submission to arbitration of that difference or dispute.

A person, not being the insured, shall not enter into a contract of insurance that does not comply with subsection (1).