363MAI insurer licence—decision on application

363 MAI insurer licence—decision on application (1) On an application by a corporation for an MAI insurer licence, the MAI commission must— (a) issue the licence; or (b) refuse to issue the licence. Note 1 A decision to refuse to issue an MAI insurer licence is a reviewable Note 2 An MAI insurer licence is subject to the conditions mentioned in pt 7.4. (2) The MAI commission must refuse to issue an MAI insurer licence if— (a) the commission is not satisfied that the applicant would, or would be able to, properly exercise the functions of a licensed insurer if issued with a licence; or (b) the applicant does not comply with a requirement prescribed by Note A decision to refuse to issue an MAI insurer licence is a reviewable

MAI insurer licences—issue Part 7.3 (3) In deciding whether the applicant would not, or would not be able to, properly exercise the functions of a licensed insurer if issued with an MAI insurer licence, the MAI commission must consider the (a) the paid-up share capital and reserves of the applicant; (b) the constitution of the applicant (if any); (c) the reinsurance arrangements of the applicant; (d) whether issuing the licence will contribute to the efficiency of the motor accidents injury insurance scheme under this Act generally; (4) In deciding the application, the MAI commission may consider anything else the MAI commission considers appropriate. (5) If the MAI commission proposes to issue an MAI insurer licence to a corporation, the MAI commission must, at least 14 days before the licence is issued, tell all licensed insurers about the proposal and the name of the corporation. (6) Failure by the MAI commission to comply with subsection (5) does not affect the validity of a corporation’s MAI insurer licence. Note Power given by a law to make a decision includes power to reverse or