320MAI commission may reconsider rejected premiums

320 MAI commission may reconsider rejected premiums (1) If the MAI commission rejects a premium for an MAI policy (the original decision), the licensed insurer may ask the MAI commission to reconsider the rejected premium. (2) Until the rejected premium is reconsidered, the MAI commission may ask an actuary to decide a provisional premium for the MAI policy. (3) A provisional premium has effect, until the MAI commission makes a decision under subsection (4) in relation to the original decision, as if the provisional premium were an MAI premium. (4) The MAI commission must, within 28 days after receiving the request for reconsideration— (a) reconsider the original decision; and (b) approve or reject the premium; and Note Criteria for approving or rejecting the premium are in s 318. (c) tell the licensed insurer— (i) about the decision; and (ii) the reasons for the decision. Note For what must be included in a statement of reasons, see the Legislation Act, s 179.