454Late payment penalty

454 Late payment penalty S. 454(1) amended by No. 44/2014 s. 17(1). (1) If a premium default occurs, the employer is liable to pay a late payment penalty within the meaning of section 460. (2) If an amount payable in accordance with a notice of penalty given under section 444, 452, 455 or 457 is not so paid in full, the employer is liable to pay a late payment penalty within the meaning of section 460 on the unpaid part of the amount payable in accordance with the notice of penalty. S. 454(2A) inserted by No. 44/2014 s. 17(2). (2A) If an amount of late payment penalty imposed under this section is not paid in full, the employer is liable to pay a late payment penalty within the meaning of section 460 on the unpaid part of that amount. (3) The Authority may remit the whole or a part of late payment penalty imposed under this section. (4) In this section, ***premium default*** means a failure by an employer to which section 430(1) applies to pay the whole or a part of the amount of a premium that the employer is liable to pay.