Motor Accident Injuries Act 2019

A licensed insurer must, on request by the MAI commission, give the MAI commission stated information about the business and financial position of—

the licensed insurer; or

a corporation that is a related body corporate of the licensed insurer.

Note Licensed insurer includes a former licensed insurer (see s (6)).

A licensed insurer must give the MAI commission—

periodic returns prescribed by regulation, containing the information and documents prescribed by regulation; and

information about claims against the insurer—

prescribed by regulation; or

required by the MAI commission by written notice to the insurer; and

Example

An insurer may be required to provide—

details of motor accident claims against the insurer, and the dates when notice of the claims were received by the insurer; and

information about the claimants; and

information about whether liability was admitted by the insurer, when liability was admitted or denied and, if liability was admitted, the extent to which liability was admitted; and

information about the costs of the insurer on claims, and how the costs are made up.

information about applications for defined benefits made to the insurer—

prescribed by regulation; or

required by the MAI commission by written notice to the insurer; and

other information that is relevant to the administration of this Act that is—

prescribed by regulation; or

required by the MAI commission by written notice to the insurer.

The MAI commission may request a licensed insurer to make available for inspection by the commission a stated document kept by—

the licensed insurer; or

a corporation that is a related body corporate of the licensed insurer.

Note A request under s (3) must be in writing and given to the licensed insurer, and state when and how the request is to be complied with (see s 464).

A regulation may—

prescribe the time within which information, or a periodic return or document, must be given to the MAI commission; and

make provision in relation to other information the MAI commission may ask a licensed insurer to give, or make available to, the MAI commission.

This section does not limit—

any other provision of this Act about the MAI commission obtaining information; or

how the MAI commission may obtain information.

In this section:

document includes—

a return or account given under the following Acts:

the Corporations Act;

the Financial Sector (Collection of Data) Act 2001 (Cwlth);

the Insurance Act 1973 (Cwlth); and

a copy of, or extract from, a document.

information, about the business and financial position of a licensed insurer, includes—

financial information that is, or may be, relevant to the consideration by the MAI commission of MAI premiums charged by the licensed insurer under this Act; and

information about—

the cost of motor accident claims handling incurred by the licensed insurer; and

the settlement of motor accident claims by the licensed insurer; and

the cost incurred by the licensed insurer in relation to the handling of applications for defined benefits; and

information about any other matter in relation to the licensed insurer.

licensed insurer includes a former licensed insurer.