394FPayment of financial penalty

394F Payment of financial penalty (1) This section applies if the MAI commission imposes a financial penalty on a licensed insurer under section 394D (2). (2) The licensed insurer must pay the financial penalty to the MAI commission not later than 15 business days after the later of— (a) if the insurer requests a mediation under section 394E—the day the financial penalty is confirmed or varied under section 394E (6); and (b) in any other case—the day the financial penalty notice is given to the insurer. (3) A financial penalty may be recovered as a debt payable to the MAI commission. Note An amount owing under a law may be recovered as a debt in a court of competent jurisdiction or the ACAT (see Legislation Act, s 177). Part 7.6B MAI insurer licences—directions to licensed insurers