394EMediation for serious contravention financial penalty

394E Mediation for serious contravention financial penalty notice (1) If the MAI commission imposes a financial penalty on a licensed insurer for a serious contravention, the insurer may make a written request to the commission for the matter to be mediated. (2) A request under subsection (1) must be made within 10 business days after the day the insurer is given the financial penalty notice. (3) A mediation under this section must be mediated by an accredited mediator. (4) The mediator must be— (a) a person who is independent of the MAI commission and the (b) decided by agreement between the MAI commission and the (5) The fees and expenses of the mediator must be paid— (a) as agreed between the MAI commission and the licensed (b) if there is no agreement—by each of them in equal proportions. (6) After mediation, the MAI commission must give the mediator and the licensed insurer a written notice that— (a) if the commission and insurer reach an agreement—confirms, varies or withdraws the financial penalty notice in accordance with the agreement; or (b) if no agreement is reached—confirms the financial penalty notice.

accredited mediator—see section 321 (6).