MOTOR VEHICLES ACT 1959 - SECT 101
MOTOR VEHICLES ACT 1959 - SECT 101
(1) Subject to this
section, any person or body (whether incorporated or unincorporated) that
carries on, or intends to carry on, the business of insurance in this State,
may apply to the Minister for approval as an insurer under this Part.
(2b) An application
for approval as an insurer under this Part must—
(a) be
made in a manner and form approved by the CTP Regulator; and
(b) be
lodged with the Regulator; and
(c) be
referred by the Regulator to the Minister, together with any recommendations
of the Regulator to the Minister in relation to the application.
(2c) The Minister may,
after considering any recommendations made by the CTP Regulator in relation to
an application for approval, grant or refuse the application.
(3) If an application
for approval under this section is made—
(a) an
approval cannot be granted within 3 months of the date of the application; and
(b) if
the applicant is approved, the approval takes effect on 1 July next following
the date of the approval.
(4) Before approving
of an insurer the Minister may require the insurer to enter into an
undertaking and an agreement by which the insurer accepts duties and
obligations relating to insurance under this Part and matters incidental to
those duties and obligations.
(5) An
approved insurer may, on or before 1 April in any year, apply to the
Minister for the withdrawal of approval under this Part.
(5a) An application
for the withdrawal of approval under this Part must—
(a) be
made in a manner and form approved by the CTP Regulator; and
(b) be
lodged with the Regulator; and
(c) be
referred by the Regulator to the Minister, together with any recommendations
of the Regulator to the Minister in relation to the application.
(5b) The Minister may,
after considering any recommendations made by the CTP Regulator in relation to
an application for the withdrawal of approval under this Part, grant the
application with effect from 1 July following the making of the
application.
(6) If—
(a) an
application for approval or withdrawal of approval under this Part is made
other than in conformity with the limitations of time stipulated in this
section; and
(b) the
Minister, after considering any recommendations made by the CTP Regulator in
relation to the application, is satisfied that there are special circumstances
justified in doing so,
the Minister may grant the application with effect as from a date determined
by the Minister.
(7) The Minister may,
by notice in writing served personally or by post upon an approved insurer,
require the insurer to furnish the Minister, within such time as may be
stipulated in the notice, with such evidence of the insurer's financial
position and capacity to meet existing and future liabilities under policies
of insurance under this Part as may be required in the notice.
(8) If—
(a) an
approved insurer commits a breach of a term or condition of a provision of
this Part, or a term or condition on an undertaking or agreement entered into
pursuant to this section; or
(b) an
approved insurer fails to comply with a requirement under subsection (7);
or
(c) the
Minister, after considering—
(i)
evidence furnished by an approved insurer in compliance
with a requirement under subsection (7); and
(ii)
any recommendations made by the CTP Regulator in relation
to the matter,
is not satisfied that the approved insurer has sufficient financial resources
to continue properly to carry on business as an approved insurer,
the Minister may—
(d)
withdraw the approval of the insurer; or
(e)
suspend the approval of the insurer for such period as the Minister thinks
fit.
(9) The withdrawal,
suspension or non-renewal of the approval of an insurer does not affect the
validity of any policy of insurance.