New South Wales Consolidated Acts

MOTOR ACCIDENT INJURIES ACT 2017 - SECT 9.8

9.8 Assignment of licences

(cf s 164 MAA)

(1) A licensed insurer may, with the approval of the Authority, assign its licence to another licensed insurer or to a corporation to whom the Authority proposes to grant a licence.

(2) The Authority must not approve the assignment of a licence unless the Authority is satisfied that the proposed assignee is able to meet the past, present and future liabilities of the assignor--

(a) under any third-party policy in respect of which the assignor is the insurer, and

(b) to the Motor Accidents Operational Fund under Division 10.4, and

(c) to any other licensed insurer.