Transfer of policies to other insurers
399 Transfer of policies to other insurers
The MAI commission may transfer an insurer’s MAI policies to a licensed insurer if—
the insurer’s MAI insurer licence is cancelled or otherwise ceases to be in force; or
the MAI commission is satisfied that it is necessary to do so to ensure compliance with a condition of the licence.
A decision by the MAI commission to refuse to transfer an insurer’s MAI policies is a reviewable decision (see ch 10 and sch 2).
The MAI commission must give a written notice to both insurers stating—
the MAI policies that are to be transferred; and
the day when the transfer happens.
Note A decision to transfer an insurer’s MAI policies is a reviewable decision (see ch 10 and sch 2).
In this section:
insurer means a licensed insurer, and includes a person whose MAI insurer licence has been cancelled or has otherwise ceased to be in force.
This Act’s bill:Explanatory statementSecond reading speech
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