377MAI commission conditions—power to include

377 MAI commission conditions—power to include conditions (1) The MAI commission may include 1 or more of the following conditions (an MAI commission condition) on an MAI insurer licence: (a) a condition for ensuring compliance with the obligations of the (b) a condition for ensuring that MAI premiums for MAI policies are sufficient to meet applications for defined benefits and motor (c) a condition for ensuring general efficiency in relation to— (i) applications for defined benefits; and (ii) motor accident claims and payments; (d) a condition relating to the provision of information about— (i) applications for defined benefits; and (ii) motor accident claims; and (iii) profits;

(e) a condition prescribed by regulation. Note 1 Power given by a law to make a decision includes power to reverse or Note 2 If the MAI commission is unable, under s 397 (3), to cancel a licence because the commission is not satisfied the insurer’s liabilities have been appropriately dealt with, the commission may, instead, impose a condition on the licence that prohibits the insurer from issuing any further MAI policies (see s 397 (4)). (2) An MAI commission condition may be included on an MAI insurer licence— (a) when the licence is issued; or (b) by amending the licence. (3) The MAI commission may amend or revoke an MAI commission condition included on an MAI insurer licence. Note A decision by the MAI commission under s (2) or (3) is a reviewable (4) If the MAI commission amends a licensed insurer’s licence under subsection (2) or (3), the MAI commission must tell the insurer about the amendment as soon as practicable, but not later than 30 days after the day the MAI commission decides the amendment. (5) This section is subject to section 378.