35Notice of assessment to be given to insurance company

35 Notice of assessment to be given to insurance company

35 Notice of assessment to be given to insurance company

(1) If the Monitor issues an assessment for an over-collection amount, the Monitor must serve notice of the assessment on the insurance company that is liable for the over-collection amount.

(2) The notice must—

(a) specify the over-collection amount, and

(b) advise the insurance company that, if the insurance company fails to give a refund undertaking to the Monitor in relation to the over-collection amount, in terms acceptable to the Monitor, the amount may be referred to the Chief Commissioner for debt recovery action, and

(c) specify the deadline for giving the refund undertaking to the Monitor.

(3) The notice must advise the insurance company about how to object to the assessment, unless the assessment is of a kind that is not open to objection by the insurance company.

(4) The deadline for giving the refund undertaking must not be less than 30 days after the notice is given to the insurance company.

(5) The Monitor may extend the deadline for giving the refund undertaking.