322Arbitration of unresolved premiums

322 Arbitration of unresolved premiums (1) If the MAI commission rejects a premium for an MAI policy under section 321, the matter must be arbitrated under this section. (2) The Commercial Arbitration Act 2017 applies to the arbitration, subject to this Act. (3) The arbitral tribunal for the matter is— (a) if the MAI commission and the licensed insurer agree on an arbitrator—the agreed arbitrator; or (b) if the MAI commission and the licensed insurer do not agree on an arbitrator—the arbitrator worked out under the Commercial Arbitration Act 2017.

(4) However, if the matter has been arbitrated by an agreed arbitrator for 7 days and the parties cannot reach agreement, an arbitrator appointed under the Commercial Arbitration Act 2017 must arbitrate the matter. (5) The arbitral tribunal may approve a premium for an MAI policy only if the premium is, in the arbitral tribunal’s opinion, sufficient to fully fund the present and likely future liability under this Act of the licensed insurer and is not excessive. Note Criteria for deciding whether an MAI premium will fully fund the present and likely future liability under this Act of a licensed insurer are in s 318. (6) A regulation may provide for the arbitration of matters. arbitral tribunal—see the Commercial Arbitration Act 2017,