; or (II) provide credit to the individual for such amount in a manner that reduces one or more subsequent premium payments that the individual is required to pay under such subsection for the coverage involved. (ii) Reimbursing employer A person to which clause (i) applies shall be reimbursed as provided for in section 6431 of the Internal Revenue Code of 1986 for any payment made, or credit provided, to the employee under such clause. (iii) Payment or credits Unless it is reasonable to believe that the credit for the excess payment in clause (i)(II) will be used by the assistance eligible individual within 180 days of the date on which the person receives from the individual the payment of the full premium amount, a person to which clause (i) applies shall make the payment required under such clause to the individual within 60 days of such payment of the full premium amount. If, as of any day within the 180-day period, it is no longer reasonable to believe that the credit will be used during that period, payment equal to the remainder of the credit outstanding shall be made to the individual within 60 days of such day. (13) Penalty for failure to notify health plan of cessation of eligibility for premium assistance (A) In general Part I of subchapter B of chapter 68 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 6720C. Penalty for failure to notify health plan of cessation of eligibility for COBRA premium assistance (a) In general Any person required to notify a group health plan under section 4(a)(2)(C) of the Health Care Protection Act who fails to make such a notification at such time and in such manner as the Secretary of Labor may require shall pay a penalty of 110 percent of the premium reduction provided under such section after termination of eligibility under such subsection. (b) Reasonable cause exception No penalty shall be imposed under subsection (a) with respect to any failure if it is shown that such failure is due to reasonable cause and not to