396Proposed licence cancellation

396 Proposed licence cancellation (1) If the MAI commission proposes to cancel a licensed insurer’s MAI insurer licence on a ground mentioned in section 395 (a), the MAI commission must give the licensed insurer a written notice (a show cause notice) stating— (a) that the MAI commission proposes to cancel the licence; and (b) the grounds for the proposed cancellation; and (c) that the licensee may, not later than 14 days after the day the licensee is given the notice, give a written submission to the MAI commission about the proposed cancellation. (2) In deciding whether to cancel the licence, the MAI commission must consider any submission given to the MAI commission in accordance with the show cause notice.

MAI insurer licences—cancellation Part 7.7