395Grounds for licence cancellation

395 Grounds for licence cancellation Each of the following is a ground for cancelling a licensed insurer’s (a) the MAI commission considers the cancellation appropriate for any reason, including reasons relating to the motor accident injury insurance scheme under this Act generally, whether or not the reasons relate to the efficiency and conduct of the licensed insurer; (b) the insurer surrenders the MAI insurer licence to the MAI commission and the MAI commission approves the surrender. Note An MAI insurer must surrender its licence to the MAI commission if the MAI commission approves the transfer of the MAI insurer licence to someone else (see s 398).