New South Wales Consolidated Acts

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Business plans of licensed insurers

173 Business plans of licensed insurers

(cf s 110 MAA)

(1) A licensed insurer must prepare and deliver to the Authority a business plan for its third-party insurance business as soon as practicable after it is requested to do so by the Authority.
(2) The licensed insurer must revise its business plan--
(a) whenever it departs significantly from its business plan, and
(b) at such intervals of not less than 12 months as the Authority directs.
(3) The licensed insurer must, as far as practicable, conduct its third-party insurance business in accordance with its current business plan, but if it departs significantly from that plan the insurer must notify the Authority accordingly.
(4) A business plan must be prepared in accordance with such guidelines as the Authority determines from time to time and notifies to licensed insurers.
(5) A business plan must describe the manner in which the insurer's third-party insurance business is to be conducted (including claims handling, management, expenses and systems).
(6) It is a condition of a licence granted under Part 7.1 that the licensed insurer must comply with this section.
(7) In this section, a reference to the third-party insurance business of a licensed insurer is a reference to any business associated with third-party policies.

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