Directions to licensed insurers—general
394G Directions to licensed insurers—general
This section applies if the MAI commission believes on reasonable grounds that a licensed insurer is contravening, has contravened or is likely to contravene—
this Act; or
a condition of the MAI insurer licence; or
the insurance industry deed.
The MAI commission may direct the licensed insurer to do 1 or more of the following things:
rectify the contravention or avoid the likely contravention mentioned in subsection (1);
comply with the Act, condition of the licence or insurance industry deed.
A direction must be in writing and include the following:
details of the licensed insurer’s contravention or likely contravention;
details of the thing required to be done or not done by the licensed insurer;
the day by which the licensed insurer must comply with the direction;
a statement that, under section 394H, the insurer may object to the direction.
The licensed insurer must comply with the direction by the later of—
the day stated in the direction; and
if a later day is agreed between the MAI commission and the insurer—that day.
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