33Liability for over-collection amounts in final years of the scheme

33 Liability for over-collection amounts in final years of the scheme

33 Liability for over-collection amounts in final years of the scheme

(1) An insurance company is liable for an over-collection amount in the final years of the scheme if the total amount collected by the insurance company in the final years of the scheme exceeds the total amount contributed by the insurance company in the final years of the scheme.

(2) The total amount collected by an insurance company in the final years of the scheme is the total amount that, in the Monitor’s opinion, was collected by the insurance company from relevant policy holders for, or purportedly for, the payment of contributions under the Emergency Services Levy Act 2017 payable for the final years of the scheme.

(3) If the Monitor has insufficient information to decide exactly the total amount collected by an insurance company, the Monitor may estimate the amount.

(4) The total amount contributed by an insurance company in the final years of the scheme is the total of the following—

(a) the final contribution amount for the insurance company for the financial year commencing on 1 July 2023,

(b) the final contribution amount for the insurance company for the financial year commencing on 1 July 2024,

(c) the final contribution amount for the insurance company for a financial year that commences after 1 July 2024 in which a contribution under the Emergency Services Levy Act 2017 is levied.

(5) The over-collection amount is the amount by which the total amount collected by the insurance company in the final years of the scheme exceeds the total amount contributed by the insurance company in the final years of the scheme.