MOTOR ACCIDENTS COMPENSATION ACT 1999 - SECT 162 Matters that may be regulated by conditions of licences

MOTOR ACCIDENTS COMPENSATION ACT 1999 - SECT 162

162 Matters that may be regulated by conditions of licences

(cf ss 105 (5) and 106 MAA)

(1) Without limiting the generality of section 161, the conditions to which a licence under this Part may be subject include conditions--

(a) for the purpose of ensuring compliance with the obligations of the licensed insurer, or

(b) for the purpose of ensuring that insurance premiums for third-party policies are available to meet claims, or

(c) for the purpose of requiring the licensed insurer to achieve early resolution of compensation claims, and early payment under Part 3.2, at particular levels, or

(d) for the purpose of the efficiency of the motor accidents scheme under this Act generally, or

(e) relating to the provision of information concerning claims and profits.

(2) A licensed insurer does not contravene a condition of a kind referred to in subsection (1) (c) if the insurer establishes that the insurer furnished a report to the Authority within a reasonable period and that the report sets out reasonable grounds for justifying the contravention.