(1)  The Board may, subject to subsection (2) , by notice in writing served on the insurer, grant or refuse to grant the licence.

(2)  The Board is not to grant a licence to an insurer unless it is satisfied that –

(a) the insurer will provide the necessary insurance service, including the ability to meet time limits imposed by this Act; and

(b) the insurer will set premiums which reflect –

(i) the claims experience of an employer; and

(ii) an employer's commitment to workplace health and safety; and

(iii) an employer's agreement to provide suitable alternative duties to injured workers; and

(c) the insurer is financially viable; and

(d) the insurer will commit an appropriate level of resources to manage claims for compensation under this Act in a manner which furthers the objective of rehabilitating injured workers; and

(e) the insurer will involve an employer in the management of claims for compensation under this Act; and

(f) the insurer will provide the statistical and other information required or likely to be required under this Act; and

(fa) the insurer is capable of complying with Part XI and any regulations or guidelines for the purposes of that Part; and

(g) the insurer will meet such other criteria as may be prescribed.