383Grounds for licence suspension—contraventions

383 Grounds for licence suspension—contraventions (1) Each of the following is a ground for suspending a licensed insurer’s (a) the insurer has contravened this Act; (b) the insurer has contravened a condition of the MAI insurer licence; (c) the insurer has contravened the insurance industry deed. (2) However, if the MAI commission is satisfied that the contravention could be remedied not later than 21 days after the day the contravention happened, the MAI commission must not suspend the licence under section 385 until at least 21 days after the day the contravention happened. Note The grounds in s (1) are also grounds for the MAI commission to apply to the ACAT for an occupational discipline order in relation to the licensed insurer (see pt 7.6).