MAI commission to analyse licensed insurer’s net profitability
410 MAI commission to analyse licensed insurer’s net profitability
The MAI commission may analyse the following information about a licensed insurer (a net profit analysis):
the insurer’s net profit;
the insurer’s expenses, other than expenses relating to the handling of applications for defined benefits and motor accident claims.
A net profit analysis may be based on the following information about the licensed insurer:
information the MAI commission receives in relation to the conduct of an audit of the insurer under section 409 (Audit of licensed insurer’s profitability);
information the MAI commission receives in relation to the insurer under the following sections:
section 401 (Licensed insurer to have business plan);
section 405 (Reinsurance arrangements of licensed insurers);
section 407 (Audit of accounting records and compliance with MAI guidelines);
section 462 (Licensed insurers must give information to MAI commission);
section 463 (Licensed insurer to provide investment details);
any other information available to the MAI commission under this Act or another territory law in relation to the insurer’s expenses or performance.
A regulation may prescribe the following:
when the MAI commission may prepare a net profit analysis;
the information that may be included in a net profit analysis.
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