S.L. 403.25 Art. 10When contributions are still to be made.

(1) Notwithstanding any provisions of these regulations, if the Management Committee is required to make any payment or to incur any other expenditure under any provision of Part III, Part IV or Part V at a time when the Protection and Compensation Fund makes available to it for expenditure under any such provision, together with any other funds which are available to it from other sources, including funds borrowed in terms of regulation 4(1) and which might be applied to such expenditure, fall short of what is prescribed or required by these regulations, the Management Committee may then, in such a case, request every insurer to make good the shortfall by such amount and within such time as it may determine, subject to the provisions of regulations 17(2), 17(3), 27(3), 27(5), 28 and 39.

(2) The Management Committee shall notify the competent authority where an insurer fails to comply with the obligations imposed on it under sub-regulation (1) and the competent authority shall take all the appropriate measures including the imposition of an administrative penalty in accordance with regulation 8(4), to ensure that the insurer meets such obligations.