462Licensed insurers must give information to

462 Licensed insurers must give information to MAI commission (1) A licensed insurer must, on request by the MAI commission, give the MAI commission stated information about the business and financial position of— (a) the licensed insurer; or (b) a corporation that is a related body corporate of the licensed Note Licensed insurer includes a former licensed insurer (see s (6)). (2) A licensed insurer must give the MAI commission— (a) periodic returns prescribed by regulation, containing the information and documents prescribed by regulation; and (b) information about claims against the insurer—

An insurer may be required to provide— (a) details of motor accident claims against the insurer, and the dates when notice of the claims were received by the insurer; and (b) information about the claimants; and (c) information about whether liability was admitted by the insurer, when liability was admitted or denied and, if liability was admitted, the extent to which liability was admitted; and (d) information about the costs of the insurer on claims, and how the costs are made up. (c) information about applications for defined benefits made to the insurer— (d) other information that is relevant to the administration of this Act that is— (3) The MAI commission may request a licensed insurer to make available for inspection by the commission a stated document kept by— (a) the licensed insurer; or (b) a corporation that is a related body corporate of the licensed Note A request under s (3) must be in writing and given to the licensed insurer, and state when and how the request is to be complied with (see s 464).

(4) A regulation may— (a) prescribe the time within which information, or a periodic return or document, must be given to the MAI commission; and (b) make provision in relation to other information the MAI commission may ask a licensed insurer to give, or make available to, the MAI commission. (5) This section does not limit— (a) any other provision of this Act about the MAI commission obtaining information; or (b) how the MAI commission may obtain information. document includes— (a) a return or account given under the following Acts: (i) the Corporations Act; (ii) the Financial Sector (Collection of Data) Act 2001 (Cwlth); (iii) the Insurance Act 1973 (Cwlth); and (b) a copy of, or extract from, a document. information, about the business and financial position of a licensed insurer, includes— (a) financial information that is, or may be, relevant to the consideration by the MAI commission of MAI premiums charged by the licensed insurer under this Act; and (b) information about— (i) the cost of motor accident claims handling incurred by the

(ii) the settlement of motor accident claims by the licensed (iii) the cost incurred by the licensed insurer in relation to the handling of applications for defined benefits; and (c) information about any other matter in relation to the licensed