21Insured person may be required to pay contribution payable by foreign insurer

21 Insured person may be required to pay contribution payable by foreign insurer

21 Insured person may be required to pay contribution payable by foreign insurer

(1) The Chief Commissioner may require a person (an insured person) to pay the contribution that a foreign insurer is required to pay under this Act for premiums received by the foreign insurer in respect of any policy of insurance obtained, effected or renewed by the insured person, as if the insured person were liable for the contribution.

(2) The requirement is to be made by notice in writing.

(3) The contribution payable by the insured person is—

(a) the amount estimated by the Chief Commissioner as the proportion of the final contribution amount that would be payable by the foreign insurer for premiums received by the foreign insurer in respect of the policy of insurance, or

(b) if the regulations prescribe another way of calculating the contribution payable, the amount calculated as provided for by the regulations.

(4) This Act applies in relation to the contribution payable by the insured person (with any necessary adjustments) as if it were a final contribution amount payable by an insurer.

(5) This section applies whether the premium concerned was received in or outside the State.

(6) A person who pays a contribution under this section is entitled to recover the amount so paid from the foreign insurer as a debt, together with the costs of recovery, or to retain or deduct that amount out of any money in the person’s hands belonging or payable to the other person.

(7) The regulations may make further provision for the assessment and payment of contributions under this section and for the application of this Act in respect of those contributions.