Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) An insurer may apply in writing to the Authority for approval by the Authority for the purposes of this Act.
(2) The Authority may, in its absolute discretion, by notice in writing to the insurer, approve an insurer who has under subsection (1) applied for approval, or refuse to approve the insurer.
(3) Without limiting its discretion under subsection (2), the Authority shall, before approving or refusing to approve an insurer, take into consideration:
(a) the insurer's ability to provide the necessary insurance service, including its ability to meet time limits imposed by this Act;
(b) the likely market share of the insurer and its likely effect on its cost efficiency in supplying the service;
(c) the financial viability of the insurer;
(d) the insurer's ability to provide the statistical and other information required or likely to be required under this Act; and
(e) such other matters as are prescribed.