410MAI commission to analyse licensed insurer’s net

410 MAI commission to analyse licensed insurer’s net profitability (1) The MAI commission may analyse the following information about a licensed insurer (a net profit analysis): (a) the insurer’s net profit; (b) the insurer’s expenses, other than expenses relating to the handling of applications for defined benefits and motor accident claims. (2) A net profit analysis may be based on the following information about the licensed insurer: (a) information the MAI commission receives in relation to the conduct of an audit of the insurer under section 409 (Audit of licensed insurer’s profitability);

(b) information the MAI commission receives in relation to the insurer under the following sections: (i) section 401 (Licensed insurer to have business plan); (ii) section 405 (Reinsurance arrangements of licensed insurers); (iii) section 407 (Audit of accounting records and compliance with MAI guidelines); (iv) section 462 (Licensed insurers must give information to MAI commission); (v) section 463 (Licensed insurer to provide investment details); (c) any other information available to the MAI commission under this Act or another territory law in relation to the insurer’s expenses or performance. (3) A regulation may prescribe the following: (a) when the MAI commission may prepare a net profit analysis; (b) the information that may be included in a net profit analysis.