411Action if licensed insurer’s actual net profit differs from

411 Action if licensed insurer’s actual net profit differs from reasonable industry net profit (1) A regulation may prescribe— (a) the way the MAI commission must work out the reasonable net profit for a licensed insurer for a year (the reasonable industry net profit); and (b) if a licensed insurer’s actual net profit for a year differs from the reasonable industry net profit for the year—action the MAI commission may take in relation to the insurer’s actual net profit.

(2) If the MAI commission proposes to take action prescribed under subsection (1) (b), the MAI commission must give notice, in writing, to the licensed insurer setting out— (a) the MAI commission’s reasons for taking the action; and (b) the action the MAI commission proposes to take; and (c) that the insurer may, not later than 28 days after the day the insurer is given the notice, give a written submission to the MAI commission about the proposed action. (3) In deciding whether to take the proposed action, the MAI commission must consider any submission given to the MAI commission in accordance with the notice. (4) If the MAI commission decides to take action, the MAI commission must give the licensed insurer written notice of— (a) the decision; and (b) what the insurer must do to comply with the decision.