Motor Accident Injuries Act 2019

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.