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Accident Compensation Act 2001

Entitlements and related matters - Interest on late payments of weekly compensation

114A: Corporation must publish applicable interest rate and premium

You could also call this:

“ACC must share the interest rate for late payments each year”

The Accident Compensation Corporation (ACC) has to tell you about the interest rate they use for late payments of weekly compensation. They must do this every year before 1 July. You can find this information on ACC’s website.

If ACC forgets to publish the interest rate, or if the Reserve Bank of New Zealand makes a mistake when they publish the 6-month term deposit rate, it doesn’t change ACC’s duty to pay you interest. They still have to pay you the right amount of interest if your weekly compensation is late.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS606.

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114: Payment of interest when Corporation makes late payment of weekly compensation, or

"The Corporation might pay you extra money if they're late giving you your weekly payments"

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115: Indexation of weekly compensation and related amounts, or

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Part 4 Entitlements and related matters
Interest on late payments of weekly compensation

114ACorporation must publish applicable interest rate and premium

  1. The Corporation must, before 1 July in each year, publish the interest rate to apply under section 114(4) on and from 1 July in that year, on an Internet site maintained by or on behalf of the Corporation.

  2. Neither a failure to comply with subsection (1) nor an error in a 6-month term deposit rate published by the Reserve Bank of New Zealand affects the Corporation’s liability to pay interest in accordance with section 114.

Notes
  • Section 114A: inserted, on , by section 29 of the Interest on Money Claims Act 2016 (2016 No 51).