173Business plans of licensed insurers

#### 173 Business plans of licensed insurers 173 Business plans of licensed insurers (cf s 110 MAA) > > (1) A licensed insurer must prepare and deliver to the Authority a business plan for its third-party insurance business as soon as practicable after it is requested to do so by the Authority. > > > (2) The licensed insurer must revise its business plan— > > > > > (a) whenever it departs significantly from its business plan, and > > > > > (b) at such intervals of not less than 12 months as the Authority directs. > > > (3) The licensed insurer must, as far as practicable, conduct its third-party insurance business in accordance with its current business plan, but if it departs significantly from that plan the insurer must notify the Authority accordingly. > > > (4) A business plan must be prepared in accordance with such guidelines as the Authority determines from time to time and notifies to licensed insurers. > > > (5) A business plan must describe the manner in which the insurer’s third-party insurance business is to be conducted (including claims handling, management, expenses and systems). > > > (6) It is a condition of a licence granted under Part 7.1 that the licensed insurer must comply with this section. > > > (7) In this section, a reference to the third-party insurance business of a licensed insurer is a reference to any business associated with third-party policies.