User talk:Itsmaxsingh

Under insurance based scheme tenant pays the deposit to the Landlord who retains the deposit and any interest earned on the deposit subject to the terms of the tenancy agreement and pays a premium insurer. Currently the cost of using this scheme will be borne by the landlord in terms of both the annual fee. As with the custodial scheme within 30 days of receiving a deposit the landlord must register the deposit and give the tenant information about the scheme being used. There are to be two insurance based schemes.

At the end of the tenancy if the landlord and tenant agree how the deposit should be divided the landlord returns all or some of the deposit. If there is a dispute the landlord must hand over the disputed amount to the scheme for safekeeping until the dispute is resolved. If for any reason the landlord fails to comply the insurance arrangements will ensure the return of the deposit to the tenant if they are entitled to it.