22. Where the purchase of an insurance contract is likely to result in termination, cancellation or reduction in benefits of another insurance contract, the representative must:
(1) undertake a complete analysis of the needs of the insured or the policyholder, in accordance with section 6;
(2) complete, at the same time as the insurance proposal, the form sold by the Authority and provided in Schedule I or Schedule II if it is in the interests of the insured or the policyholder to replace one contract with another;
(3) give the form, once completed, to the insured or the policyholder and explain the form to such insured or policyholder by comparing the features of the current contracts with those of the proposed contract and by describing the advantages and disadvantages of the replacement;
(4) send the completed form to the head offices of the insurers who issued the contracts likely to be cancelled, by any means providing proof of the date of sending, within 5 working days of the signing of the insurance proposal;
(5) send a copy of the completed form, within the time limit prescribed in paragraph 4, to the insurer with whom the representative in insurance of persons intends to place the new contract.