MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 69
Business plans of licensed insurers
MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 69
Business plans of licensed insurers
69 Business plans of licensed insurers
(1) A licensed insurer must prepare and give to the commission a business plan
for its compulsory third-party insurance business.
(2) The licensed
insurer’s first business plan must be prepared and given to the commission
before the licence is granted.
(3) The licensed insurer must revise its
business plan whenever it departs significantly from the plan and at the
regular intervals that the commission directs by written notice.
(4) The
licensed insurer must, as far as practicable, conduct its compulsory
third-party insurance business in accordance with its current business plan.
(5) If the insurer departs significantly from the business plan, it must
notify the commission of the departure within 2 months after it happens.
(6)
A business plan—
(a) must describe how the insurer’s compulsory
third-party business is to be conducted (including marketing, claims handling,
the provision of rehabilitation, the keeping of records, systems management
and control of costs); and
(b) must be prepared in accordance with the
written guidelines issued by the commission and notified to licensed insurers.