MAI commission may apply for policy holder protection order
413 MAI commission may apply for policy holder protection order
The MAI commission may apply to the Supreme Court for an order (a policy holder protection order) to protect the interests of the holders of MAI policies issued by a licensed insurer or a former licensed insurer.
If the MAI commission intends to apply for a policy holder protection order, the MAI commission must give the following entities notice of its intention:
APRA;
ASIC.
Each of the following entities has a right to appear, and be heard, in a proceeding for a policy holder protection order:
APRA;
ASIC.
Before considering an application for a policy holder protection order, the Supreme Court may, if in its opinion it is desirable to do so, make an interim policy holder protection order that is expressed to have effect until the application is decided.
If the Supreme Court makes an interim policy holder protection order, the court may not require the MAI commission to give an undertaking as to damages as a condition of making the order.
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