| 1) | A long-term insurer may not— |
| a) | undertake to provide policy benefits, or provide policy benefits, under; |
| b) | provide consideration upon the surrender of; or |
| c) | make a loan upon the security of, |
a long-term policy contemplated in the regulations, otherwise than in accordance with the requirements and limitations set out in the regulations.
| 2) | The requirements and limitations set out in regulations made under subsection (1) apply from the inception of a policy, if the regulation so provide, irrespective of the fact that the policy was entered into before or after the commencement of this Act or the regulations. |
