Section 344 — Injury Prevention, Rehabilitation, and Compensation Act 2001: Funding of Regulator

344 Funding of Regulator (1) The purpose of this section is to provide for the recovery of the cost to the Crown of the performance of the Regulator's residual functions under the 1998 Act (as saved by this Part). (2) The Regulator may, in respect of periods on and after 1 April 2002, impose administrative sanctions on insurers in respect of any failure to comply with the insurer's obligations under the 1998 Act by— (a) requiring an insurer to remedy the default within a period specified by the Regulator; and (b) requiring an insurer to meet any costs reasonably incurred by the Regulator in carrying out that function or in remedying any default that an insurer fails to remedy. (3) The costs in subsection (2)(b) are recoverable as a debt due to the Regulator in any court of competent jurisdiction together with any interest on that amount that may be specified by the Regulator.