Australian Capital Territory Current Acts

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Insurer licence—conditions

    (1)     An insurer licence includes—

        (a)     a condition that the licensee must comply with this Act; and

        (b)     a condition that the licensee must not contravene a protocol that relates to licensed insurers; and

        (c)     a condition that the licensee notify the regulator of any regulatory action taken against the licensee under a workers compensation law; and

        (d)     a regulator condition, if any; and

        (e)     any other condition prescribed by regulation.

    (2)     A regulator condition may be included, in writing, on an insurer licence

        (a)     when the licence is issued; or

        (b)     by amending the licence at any time.

    (3)     The regulator may, at any time, amend or revoke a regulator condition included on an insurer licence.

Note     A decision by the regulator under s (2) or (3) is a reviewable decision (see ch 12 and Workers Compensation Regulation 2002

, sch 3, pt 3.1).

    (4)     If the regulator amends a licensed insurer's licence under subsection (2) or (3), the regulator must tell the licensed insurer about the amendment as soon as practicable, but not later than 30 days after the day the regulator decides the amendment.

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