21(1)A borrower or lessee who is required by a credit grantor or lessor to purchase insurance may purchase it from any insurer authorized to provide that type of insurance in New Brunswick, except that the credit grantor or lessor may, on reasonable grounds, disapprove an insurer selected by the borrower or lessee.

21(2)A credit grantor or lessor who offers to provide or to arrange insurance referred to in subsection (1) shall, at the time of the offer, clearly disclose to the borrower or lessee in writing that the borrower or lessee may, subject to subsection (1), purchase the required insurance through an insurance agent and from an insurer of the borrower’s or lessee’s choice.