394GDirections to licensed insurers—general

394G Directions to licensed insurers—general (1) This section applies if the MAI commission believes on reasonable grounds that a licensed insurer is contravening, has contravened or is likely to contravene—

Part 7.6B MAI insurer licences—directions to licensed insurers (2) The MAI commission may direct the licensed insurer to do 1 or more of the following things: (a) rectify the contravention or avoid the likely contravention mentioned in subsection (1); (b) comply with the Act, condition of the licence or insurance industry deed. (3) A direction must be in writing and include the following: (a) details of the licensed insurer’s contravention or likely contravention; (b) details of the thing required to be done or not done by the (c) the day by which the licensed insurer must comply with the direction; (d) a statement that, under section 394H, the insurer may object to the direction. (4) The licensed insurer must comply with the direction by the later of— (a) the day stated in the direction; and (b) if a later day is agreed between the MAI commission and the insurer—that day.