401Licensed insurer to have business plan

401 Licensed insurer to have business plan (1) A licensed insurer must have a plan describing how the licensed insurer’s MAI insurance business must be carried out (a business plan). Note MAI insurance business, for a licensed insurer, means any business associated with MAI policies (see dict, def MAI insurance business). (2) The business plan must— (a) include a description of how the following things must be carried out: (i) the handling of applications for defined benefits; (ii) the handling of motor accident claims; (iii) management; (iv) expenses; (v) systems for processing and transmitting information; and (b) comply with the MAI guidelines. Note The MAI guidelines may make provision in relation to business plans (see s 404). (3) If the MAI commission asks a licensed insurer for the business plan, the licensed insurer must give the MAI commission a copy of the business plan as soon as practicable.