MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 63 Determination of application

MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 63

63 Determination of application

(1) The commission may, after considering an application for a licence—

(a) grant the licence (conditionally or unconditionally); or

(b) refuse the application.

(2) In determining the application, the commission may take into consideration—

(a) the suitability of the applicant; and

(b) the nature and extent of the applicant’s experience in the business of general insurance; and

(c) the applicant’s paid-up share capital and reserves; and

(d) any reinsurance arrangements to which the applicant is a party; and

(e) the likely effect on the statutory scheme of licensing the applicant; and

(f) any other factors the commission considers relevant.

(3) A licence may be granted only if the commission is satisfied that—

(a) the applicant has enough financial resources to carry on business as a licensed insurer; and

(b) the applicant has adequately experienced staff available in Queensland to administer personal injury claims under the CTP insurance scheme; and

(c) the applicant is in all other respects an appropriate person to hold a licence; and

(d) licensing the applicant would not adversely affect the efficiency and effectiveness of the statutory insurance scheme.

(4) A licence must not be granted until the insurer has executed the industry deed.

(5) Notice of the grant of a licence under this part, specifying the date on which the licence takes effect, must be given in the gazette.