NSWIn ForceRegulation
Insurance Premiums Order (January–June) 2007
5Late payment prescribed interest rates: sections 170 (8) and 172 (5) of the Act
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5 Late payment prescribed interest rates: sections 170 (8) and 172 (5) of the Act
5 Late payment prescribed interest rates: sections 170 (8) and 172 (5) of the Act
(1) For the purposes of section 170 (8) of the Act, the prescribed rate of interest is 1.074% per month compounded monthly.
(2) For the purposes of section 172 (5) of the Act, the prescribed rate of interest is 1.074% of the relevant amount or balance per month compounded monthly.