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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 62
Application for licence
62 Application for licence
(1) A body corporate carrying on the business of general insurance in
Queensland may apply to the commission for a licence under this part.
(2) The
application— (a) must be made in writing; and
(b) must be accompanied by
the information and materials that may be required by regulation.
(3) The
applicant must provide the commission with the further information or
materials that the commission may require to decide the application.
(4) The
commission may, for example, require the applicant to provide— (a)
particulars of shareholders, directors, managers and staff; and
(b) copies of
returns and accounts that the applicant is required by law to prepare; and
(c) particulars of reinsurance arrangements to which the applicant is a party.
(5) If an application is made for a licence and, before a licence is granted,
there is a change in the matters of which particulars are required in the
application, or in the matters contained in a document the applicant is
required to give, the body corporate must, within 14 days after the change,
give the commission written notice signed by a director giving particulars of
the change.
(6) A body corporate must not— (a) make an application for a
licence; or
(b) give to the commission a notice under subsection (5) ;
that
is false or misleading in a material particular. Penalty— Maximum
penalty for subsection (6) —150 penalty units.
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