s 395
In forceGrounds for licence cancellation
Chapter 7MAI insurer licences
Part 7.7MAI insurer licences—cancellation
395 Grounds for licence cancellation
Each of the following is a ground for cancelling a licensed insurer’s MAI insurer licence:
(a)
the MAI commission considers the cancellation appropriate for any reason, including reasons relating to the motor accident injury insurance scheme under this Act generally, whether or not the reasons relate to the efficiency and conduct of the licensed insurer;
(b)
the insurer surrenders the MAI insurer licence to the MAI commission and the MAI commission approves the surrender.
Note An MAI insurer must surrender its licence to the MAI commission if the MAI commission approves the transfer of the MAI insurer licence to someone else (see s 398).
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