31Monitor to investigate over-collection amounts

31 Monitor to investigate over-collection amounts

31 Monitor to investigate over-collection amounts

(1) The Monitor must—

(a) investigate and assess whether insurance companies are liable for over-collection amounts in the final years of the scheme, and

(b) endeavour to ensure that an insurance company that is liable for an over-collection amount—

(i) refunds the over-collection amount to relevant policy holders of the insurance company if it is practicable, or

(ii) pays the over-collection amount to the Chief Commissioner for payment into the Consolidated Fund if it is not practicable to refund the over-collection amount.

(2) A policy holder is a relevant policy holder of an insurance company if the policy holder was insured under a regulated contract of insurance with the insurance company in the final years of the scheme.