80Action other than cancellation of insurer licence—Act,

80 Action other than cancellation of insurer licence—Act, s 223 (2) (h) (1) This section applies to a licensed insurer if— (a) the insurer— (i) contravenes the Act, section 112 (Compliance by insurers, including DI fund) or another provision of the Act; or (ii) is unable to meet the insurer’s existing and expected liabilities under the Act; or (iii) no longer has unlimited reinsurance for a single event to cover the insurer’s expected liability under the Act; or (iv) fails to comply with a condition on the insurer licence; and (b) the regulator has given the insurer notice under section 79. (2) After considering any written representations made by the insurer within the period for representations stated in the notice, the regulator may— (a) do 1 or more of the following: (i) order the insurer to pay to the Territory a financial penalty of not more than $1 000; (ii) impose a condition on the insurer licence of the insurer (for example, by including a condition providing for increased supervision of the insurer by the regulator); (iii) censure the insurer; (iv) order the insurer to take remedial action; or (b) suspend the licence for not longer than the period. Section 81 page 34 Workers Compensation Regulation 2002 (3) The regulator must tell the insurer in writing about the decision— (a) if the decision is to take action other than suspension—by giving the insurer a reviewable decision notice; or (b) if the decision is to suspend the insurer licence—in accordance with section 82 (Effect of regulator suspension or cancellation of insurer licence—Act, s 145J (h)). proposed action—see section 79.