Motor Accident Injuries Act 2019

A licensed insurer must have a plan describing how the licensed insurer’s MAI insurance business must be carried out (a business plan).

Note 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.

Note 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.

Note It is a condition of an MAI insurer licence that the licensed insurer must comply with this section (see s 365).