362MAI insurer licence—application

362 MAI insurer licence—application (1) A corporation may apply to the MAI commission for an MAI insurer (2) The application must comply with the requirements prescribed by (3) The MAI commission may, in writing, ask the applicant to give the MAI commission additional information that the MAI commission reasonably needs to decide the application, including the following: (a) details of the shareholders, directors and other managers of the applicant; (b) any previous returns and accounts under— (i) the Corporations Act; and (ii) the Financial Sector (Collection of Data) Act 2001 (Cwlth); and (iii) the Insurance Act 1973 (Cwlth); (c) details of reinsurance arrangements to which the applicant is a party; Note Reinsurance arrangements are further dealt with in s 405.

(d) a draft business plan. Note Business plans are dealt with in pt 7.9. (4) The MAI commission need not decide whether the corporation is eligible for an MAI insurer licence if— (a) the corporation’s application does not comply with a requirement prescribed by regulation; or (b) the corporation does not give the MAI commission information requested under subsection (3).