9Late payment penalty rate for recovery of overpaid run‑off cover indemnity

9 Late payment penalty rate for recovery of overpaid run‑off cover indemnity

(1) For the purposes of paragraph 34ZM(2)(a) of the Act, this section specifies the rate for calculating late payment penalty relating to a debt that remains wholly or partly unpaid after it becomes due and payable.

Note: This section does not apply if the debt became due and payable before 1 July 2020. Subitem 150(2) of Schedule 4 to the Medical and Midwife Indemnity Legislation Amendment Act 2019 provides for the rate in that case.

(2) The rate is the general interest charge rate for the day after the day the debt becomes due and payable.