What may be included in insurance industry deed
360 What may be included in insurance industry deed
The insurance industry deed may include provisions for each of the following:
the requirements for licensed insurers to make disclosures and reports to the MAI commission in accordance with stated standards and requirements;
the apportionment of liability, and sharing of costs, between licensed insurers;
the appointment of a person to arbitrate disputes between 2 or more licensed insurers about—
an application for defined benefits, including a dispute about who is the relevant insurer for a motor accident; or
a motor accident claim;
the sharing of information between MAI insurers for the mutual benefit of insurers;
the monitoring and management of applications for defined benefits and motor accident claims under MAI policies;
direction and guidance in relation to deciding the relevant insurer for motor accident claims and applications for defined benefits, including entering into arrangements to determine—
which insurer will accept an application for defined benefits and be the relevant insurer in relation to the application; and
the most at-fault vehicle in a multiple vehicle accident;
direction and guidance for licensed insurers about managing, monitoring and measuring the effectiveness of defined benefits for injured applicants;
regulation, in any other way, of the conduct of MAI insurance business of licensed insurers under the motor accident injury insurance scheme under this Act.
A regulation may prescribe—
what may or must be included in the insurance industry deed; and
anything else about the content of the insurance industry deed.
This Act’s bill:Explanatory statementSecond reading speech
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