171Refunds of levy amounts

171 Refunds of levy amounts

(1)  If a policyholder is entitled to receive from a licensed insurer a refund of an amount paid by way of premium in respect of a policyholder's policy, the licensed insurer, in addition to any amount paid to the policyholder by way of refund of premium, is to pay to the policyholder, by way of refund of the relevant amount paid by the policyholder under section 168 , an amount that represents a proportionate part of that relevant amount.

(2)  If a self-insurer would, if it had been a policyholder, have been entitled to a refund of an amount paid by way of premium in respect of a policy of insurance –

(a) the self-insurer is entitled to a refund of the amount that represents a proportionate part of the relevant amount paid by it; and

(b) the Commissioner is to pay that amount to the self-insurer.

(3)  If a licensed insurer pays to a policyholder an amount by way of refund of a relevant amount, the Commissioner, on application by the licensed insurer, is to pay to the licensed insurer an amount equal to the amount so paid by the licensed insurer.