394CNotice of proposed financial penalty

394C Notice of proposed financial penalty (1) The MAI commission may propose to impose a financial penalty on the insurer if the commission is satisfied that— (a) a ground for financial penalty exists in relation to the insurer; and (b) the imposition of the financial penalty is in the public interest. (2) The MAI commission must give the insurer a written notice about the proposed financial penalty (a show cause notice) stating— (a) the grounds on which the commission is proposing to impose a financial penalty; and (b) whether the proposed financial penalty is for a minor or serious contravention; and (c) the amount of the proposed financial penalty; and (d) that the insurer may give the commission a written submission about the proposed financial penalty not later than— (i) for a minor contravention—15 business days after the day the insurer is given the notice; or (ii) for a serious contravention—20 business days after the day the insurer is given the notice; or (iii) if the commission agrees to a longer period—the agreed