412ANotice of reportable conduct

412A Notice of reportable conduct (1) If a licensed insurer becomes aware of reportable conduct in relation to the insurer, the insurer must give the MAI commission a written notice about the reportable conduct that includes— (a) the known details about the reportable conduct; and (b) details about any action the licensed insurer has taken, or proposes to take to— (i) investigate the nature and extent of the reportable conduct and any other conduct that is the same as or similar to the reportable conduct; and (ii) remediate the reportable conduct and any other conduct identified as a result of an investigation mentioned in subparagraph (i); and (iii) remove or mitigate the risk of the same or similar reportable conduct happening; and (c) any other information required by the MAI guidelines.

(2) The MAI guidelines may make provision in relation to the following: (a) what constitutes a significant contravention; (b) information a licensed insurer must include in a notice given under subsection (1). reportable conduct means conduct by a licensed insurer that causes, or is likely to cause, a significant contravention of—