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Medical Indemnity Rules 2020
21Late payment penalty rate for run‑off cover support payment
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21 Late payment penalty rate for run‑off cover support payment
(1) For the purposes of paragraph 65(2)(a) of the Act, this section specifies the rate for calculating late payment penalty relating to a run‑off cover support payment that remains wholly or partly unpaid after it becomes due and payable. (2) The rate is the general interest charge rate for the day after the day the payment becomes due and payable.