Protection of Residential Mortgage or Hypothecary Insurance Act

Marginal note:Pre-existing contracts

19 If a winding-up order is made in respect of a company, a contract of insurance that the company entered into before the coming into force of this Act is deemed, in respect of a mortgage or hypothecary loan that is the subject of the contract of insurance, to be a policy issued to a qualified mortgage lender in respect of an eligible mortgage loan for the purposes of sections 16, 17 and 20 to 25, if

• (a) Her Majesty would have been bound to make a payment in respect of the contract of insurance had section 44 not come into force; and

• (b) the mortgage or hypothecary loan meets the criteria established by regulations made under subsection 42(1) that relate to a guarantee of payment referred to in subsection 14(1) of the National Housing Act.