Licensed insurer to have business plan
401 Licensed insurer to have business plan
A licensed insurer must have a plan describing how the licensed insurer’s MAI insurance business must be carried out (a business plan).
MAI insurance business, for a licensed insurer, means any business associated with MAI policies (see dict, def MAI insurance business).
The business plan must—
include a description of how the following things must be carried out:
the handling of applications for defined benefits;
the handling of motor accident claims;
management;
expenses;
systems for processing and transmitting information; and
comply with the MAI guidelines.
The MAI guidelines may make provision in relation to business plans (see s 404).
If the MAI commission asks a licensed insurer for the business plan, the licensed insurer must give the MAI commission a copy of the business plan as soon as practicable.
It is a condition of an MAI insurer licence that the licensed insurer must comply with this section (see s 365).
This Act’s bill:Explanatory statementSecond reading speech
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