Queensland Consolidated Acts
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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 30
Transfer of CTP business
30 Transfer of CTP business
(1) The commission may, on the joint application of 2 licensed insurers,
approve the transfer of CTP business from one insurer (the
"transferor" ) to the other (the
(2) An approval under this section may be given on the
conditions the commission considers appropriate.
(3) Notice of an approval
under this section must be published in the gazette.
(4) On publication of
the notice of approval in the gazette—
(a) all rights and liabilities
subject to the transfer are transferred to, and become rights and liabilities
of, the transferee; and
(b) this Act operates as if the transferee had been
selected as the insurer under the CTP policies subject to the transfer; and
(c) if the transferor’s entire CTP business is transferred—the
transferor’s licence is withdrawn; and
(d) if part of the transferor’s
CTP business is transferred—the transfer is an adequate reason for
withdrawing the licence.
It should be noted that, under
section 66 (1) , the commission may withdraw a licence if the insurer asks
the commission to withdraw it, the insurer contravenes this Act, a condition
of the licence or the industry deed, or there is some other reason justifying
withdrawal of the licence.
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