(1) A contributor must, within the period prescribed under a regulation or, if no period is prescribed, within 20 business days after receiving a contribution notice, give the insurer who gave the contribution notice a written response (
"contributor’s response" )—(a) containing a statement of information prescribed under a regulation; and(b) accompanied by any documents that may be prescribed under a regulation.
(2) The contributor’s response must also state—(a) whether the claim for the contribution or indemnity claimed in the contribution notice is admitted, denied or admitted in part; and(b) if the claim for the contribution or indemnity is admitted in part, the extent, expressed as a percentage, to which it is admitted.
(3) An admission of liability in the contributor’s response—(a) is not binding on the contributor in relation to any other claim; and(b) is not binding on the contributor at all if it later appears the admission was induced by fraud.
(4) If the insurer requires information provided by a contributor under this section to be verified by statutory declaration, the contributor must verify the information by statutory declaration.