24. (1) This section applies where—

(a) an insurer is liable under a contract of insurance in respect of a loss,

(b) the insurer has a right of subrogation in respect of the loss, and

(c) an amount is recovered (whether by the insurer or the consumer) from another person in respect of the loss.

(2) (a) If the amount is recovered by the insurer in exercising the insurer’s right of subrogation in respect of the loss, the insurer is entitled under this paragraph to so much of the amount as does not exceed the sum of—

(i) the amount paid by the insurer to the consumer in respect of the loss, and

(ii) the amount paid by the insurer for administrative and legal costs incurred in connection with the recovery.

(b) If the amount recovered exceeds the amount to which the insurer is entitled under paragraph (a), the consumer is entitled under this paragraph to so much of the excess as does not exceed the consumer’s overall loss.

(c) If the amount recovered exceeds the sum of—

(i) the amount to which the insurer is entitled under paragraph (a), and

(ii) the amount (if any) to which the consumer is entitled under paragraph (b),

the insurer is entitled to the excess.

(3) (a) If the amount is recovered by the consumer, the consumer is entitled under this paragraph to so much of the amount as does not exceed the sum of—

(i) the consumer’s overall loss, and

(ii) the amount paid by the consumer for administrative and legal costs incurred in connection with the recovery.

(b) If the amount recovered exceeds the amount to which the consumer is entitled under paragraph (a), the insurer is entitled to so much of the excess as does not exceed the amount paid by the insurer to the consumer in respect of the loss.

(c) If the amount recovered exceeds the sum of—

(i) the amount to which the consumer is entitled under paragraph (a), and

(ii) the amount (if any) to which the insurer is entitled under paragraph (b),

the consumer is entitled to the excess.