WORKERS COMPENSATION REGULATION 2002 - REG 82 Effect of regulator suspension or cancellation of insurer licence—Act,

WORKERS COMPENSATION REGULATION 2002 - REG 82

    (1)     If the regulator decides to suspend or cancel an insurer licence, the regulator must give written notice of the decision, including when the suspension or cancellation takes effect, to the insurer who holds the licence.

Note     The regulator's notice must comply with the requirements of the “b Compensation Act 1951">Act

, s 199A.

    (2)     A suspension or cancellation must not take effect earlier than 7 days after the day the insurer is told about the decision.

    (3)     Subject to the ¡ title="Workers Compensation Act 1951">Act

, section 146 (Effect of cancellation or suspension of insurer licence), if the regulator suspends an insurer licence, the insurer is, during the suspension—

        (a)     taken not to be a licensed insurer; and

        (b)     disqualified from applying for a licence as an insurer.

    (4)     The regulator may, at any time, by written notice to the insurer, end or reduce the period of suspension of the insurer licence.