Queensland Consolidated Acts

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Determination of application

63 Determination of application

(1) The commission may, after considering an application for a licence—
(a) grant the licence (conditionally or unconditionally); or
(b) refuse the application.
(2) In determining the application, the commission may take into consideration—
(a) the suitability of the applicant; and
(b) the nature and extent of the applicant’s experience in the business of general insurance; and
(c) the applicant’s paid-up share capital and reserves; and
(d) any reinsurance arrangements to which the applicant is a party; and
(e) the likely effect on the statutory scheme of licensing the applicant; and
(f) any other factors the commission considers relevant.
(3) A licence may be granted only if the commission is satisfied that—
(a) the applicant has enough financial resources to carry on business as a licensed insurer; and
(b) the applicant has adequately experienced staff available in Queensland to administer personal injury claims under the CTP insurance scheme; and
(c) the applicant is in all other respects an appropriate person to hold a licence; and
(d) licensing the applicant would not adversely affect the efficiency and effectiveness of the statutory insurance scheme.
(4) A licence must not be granted until the insurer has executed the industry deed.
(5) Notice of the grant of a licence under this part, specifying the date on which the licence takes effect, must be given in the gazette.

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