399Transfer of policies to other insurers

399 Transfer of policies to other insurers (1) The MAI commission may transfer an insurer’s MAI policies to a licensed insurer if— (a) the insurer’s MAI insurer licence is cancelled or otherwise ceases to be in force; or (b) the MAI commission is satisfied that it is necessary to do so to ensure compliance with a condition of the licence. Note A decision by the MAI commission to refuse to transfer an insurer’s MAI policies is a reviewable decision (see ch 10 and sch 2). (2) The MAI commission must give a written notice to both insurers stating— (a) the MAI policies that are to be transferred; and (b) the day when the transfer happens. Note A decision to transfer an insurer’s MAI policies is a reviewable decision (see ch 10 and sch 2). insurer means a licensed insurer, and includes a person whose MAI insurer licence has been cancelled or has otherwise ceased to be in force.