Recovery or funding of reasonable costs from financial assurance
34 Recovery or funding of reasonable costs from financial assurance
The regulator may recover or fund from the financial assurance the reasonable costs of causing action to be carried out under section 33.
Before recovering or funding reasonable costs from the financial assurance, the regulator must give to the person who lodged the action plan a written notice under this section.
The notice must—
state details of the action to which the costs apply, and
state the amount to be recovered or funded, and
invite the person who lodged the action plan to make written representations to the regulator to show why the amount should not be recovered or funded, and
state the period, being at least 30 days after the notice is given to the person who lodged the action plan, within which representations may be made.
After the end of the period stated in the notice, the regulator must consider written representations made within the period.
If the regulator decides to recover or fund the amount from the financial assurance, the regulator must, as soon as practicable, give written notice to the person who lodged the action plan of its decision and the reasons for the decision.
The regulator must return excess amounts, if any, to the person who lodged the action plan.
If the amount recovered or funded from the financial assurance is not sufficient to cover all reasonable costs and expenses, the regulator may recover the excess from the person who lodged the action plan as a debt in a court of competent jurisdiction.
This Act’s bill:Explanatory memorandumSecond reading speech
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