41Insurance company must pay over-collection amount

41 Insurance company must pay over-collection amount

41 Insurance company must pay over-collection amount

(1) An insurance company that is required by a debt recovery order to pay an over-collection amount must pay the amount to the Chief Commissioner by—

(a) the date for payment specified in the debt recovery order, or

(b) a later date allowed by the Chief Commissioner.

(2) If the insurance company fails to pay the over-collection amount within 30 days of the amount being payable, the insurance company is guilty of an offence.

Maximum penalty—50 penalty units.

(3) The over-collection amount specified in the debt recovery order is recoverable by the Chief Commissioner from the insurance company as a debt in a court of competent jurisdiction and is payable into the Consolidated Fund.