Yes.
The MBI on my vehicle has a requirement of an annual service. To gain a stamp in the book, the stuff you'd expect to be checked/maintained/replaced annually (or 15,000kms whichever is first) are checked/maintained/replaced. You're not prevented from doing this stuff yourself; for example if you've done a cooling system service, when the agent checks the system, checks the antifreeze, and does a pressure test - it'll pass. They are supposed to do an oil change and filter. Check all belts, replace if necessary. etc etc.
The stamp on the service book comes from 'any recognised service facility'. In the event of any claim, this information (the stamps, and invoices indicating the servicing performed) will be required by the insurer.
It's pretty straightforward. It's less "hands off, spend up largee", more "we need to be sure your vehicle is serviced regularly".
HTH