34Monitor to assess over-collection amount

34 Monitor to assess over-collection amount

34 Monitor to assess over-collection amount

(1) If the Monitor is satisfied that an insurance company is liable for an over-collection amount, the Monitor must issue an assessment for the over-collection amount.

(2) The Monitor may, at any time, reassess the over-collection amount of an insurance company by issuing a further assessment.

(3) The Monitor is not required to issue an assessment for an over-collection amount if the Monitor—

(a) comes to an agreement with an insurance company about its liability for an over-collection amount, and

(b) accepts a refund undertaking from the insurance company for the over-collection amount.