Queensland Consolidated Acts
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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 63
Determination of application
63 Determination of application
(1) The commission may, after considering an application for a licence—
grant the licence (conditionally or unconditionally); or
(b) refuse the
(2) In determining the application, the commission may take into
(a) the suitability of the applicant; and
(b) the nature and
extent of the applicant’s experience in the business of general insurance;
(c) the applicant’s paid-up share capital and reserves; and
reinsurance arrangements to which the applicant is a party; and
likely effect on the statutory scheme of licensing the applicant; and
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
applicant has adequately experienced staff available in Queensland to
administer personal injury claims under the CTP insurance scheme; and
applicant is in all other respects an appropriate person to hold a licence;
(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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