sec.10Payment of premium by instalments

sec.10 Payment of premium by instalments

WorkCover may accept payment of a premium by instalments under an instalment plan approved by WorkCover if WorkCover is satisfied that payment of the premium by the due date would impose financial hardship on the employer. The instalment plan is subject to the following conditions— interest at an annual rate specified by WorkCover’s board by gazette notice must be added to the amount of each instalment; interest must be calculated from the due date; the interest rate that applies at the start of the instalment plan remains constant until the plan ends; on approval of the instalment plan, the employer must, if required by WorkCover, enter into a payment arrangement acceptable to WorkCover; if an instalment of premium is not paid on or before the due date for payment of the instalment— the total amount of unpaid instalments and interest on unpaid instalments to that day immediately becomes payable to WorkCover; and an additional premium under section 11 applies to the unpaid instalments and interest mentioned in subparagraph (i) ; and the policy for which the premium is payable stops having effect. See also section 48 of the Act for breach of the employer’s obligation to insure. (sec.10-ssec.1) WorkCover may accept payment of a premium by instalments under an instalment plan approved by WorkCover if WorkCover is satisfied that payment of the premium by the due date would impose financial hardship on the employer. (sec.10-ssec.2) The instalment plan is subject to the following conditions— interest at an annual rate specified by WorkCover’s board by gazette notice must be added to the amount of each instalment; interest must be calculated from the due date; the interest rate that applies at the start of the instalment plan remains constant until the plan ends; on approval of the instalment plan, the employer must, if required by WorkCover, enter into a payment arrangement acceptable to WorkCover; if an instalment of premium is not paid on or before the due date for payment of the instalment— the total amount of unpaid instalments and interest on unpaid instalments to that day immediately becomes payable to WorkCover; and an additional premium under section 11 applies to the unpaid instalments and interest mentioned in subparagraph (i) ; and the policy for which the premium is payable stops having effect. See also section 48 of the Act for breach of the employer’s obligation to insure.

• (a) interest at an annual rate specified by WorkCover’s board by gazette notice must be added to the amount of each instalment;
• (b) interest must be calculated from the due date;
• (c) the interest rate that applies at the start of the instalment plan remains constant until the plan ends;
• (d) on approval of the instalment plan, the employer must, if required by WorkCover, enter into a payment arrangement acceptable to WorkCover;