Licensed insurer to provide investment details
463 Licensed insurer to provide investment details
The MAI commission may request a licensed insurer to give the MAI commission details of how the insurer’s third-party funds, and other funds, are invested.
A request under s (1) 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 licensed insurer commits an offence if—
the MAI commission requests the licensed insurer to give the MAI commission the details mentioned in subsection (1); and
the insurer does not comply with the request within the time stated in the request.
Maximum penalty: 100 penalty units.
In this section:
third-party funds, of a licensed insurer, means the funds of the insurer derived from—
the payment of MAI premiums for MAI policies; and
the investment of the funds derived under paragraph (a).
This Act’s bill:Explanatory statementSecond reading speech
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