New South Wales Consolidated Regulations

INSURANCE PREMIUMS ORDER (JANUARY-JUNE) 2006 - REG 3A

3A Late payment prescribed interest rates: sections 170 (8) and 172 (5)

(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.