Motor Accident Injuries Act 2019

The MAI guidelines may make provision for premiums for MAI policies, including provision for—

how MAI premiums are to be worked out and the factors to be taken into account in working out MAI premiums; and

requiring licensed insurers to state how they have worked out MAI premiums; and

any additional information the MAI commission may require licensed insurers to give to the MAI commission—

with an application for approval of a premium; or

to justify MAI premiums they have already given to the MAI commission for approval.

Example—additional information for estimated investment income—the verification of assumptions, estimated profit, capital allocation to MAI insurance business

Note 1 The MAI guidelines are made under s 487.

Note 2 It is a condition of an MAI insurer licence that the licensed insurer must comply with the MAI guidelines (see s 366).