Licensed insurer to apply for approval of premiums
317 Licensed insurer to apply for approval of premiums
A licensed insurer must apply to the MAI commission for approval of premiums the licensed insurer proposes to charge for MAI policies the licensed insurer intends to issue—
after the defined period after the licensed insurer’s premiums were last approved by the MAI commission; or
if the MAI commission, by written notice (an approval notice), requires the licensed insurer to apply for the approval.
If a licensed insurer receives an approval notice, the licensed insurer must make the application not later than 28 days after the day the licensed insurer receives the approval notice.
The MAI guidelines may state the additional information the MAI commission may require licensed insurers to give to the MAI commission with the application (see s 316).
It is a condition of an MAI insurer licence that the licensed insurer must comply with the MAI guidelines (see s 366).
In this section:
defined period means—
1 year; or
if the MAI commission allows a longer period of time—the longer period allowed by the MAI commission.
This Act’s bill:Explanatory statementSecond reading speech
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