The contribution payable by an insurer under section 228 of the 1987 Act in respect of any financial year is payable--
(a) except as provided by paragraph (b), in quarterly instalments (each being equal to one-fourth of the contribution payable) due on the last day of each quarter of the financial year, or
(b) in such other instalments and within such other time as may be determined by the Authority and specified in a notice to the insurer.