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Accident Compensation Act 2001

Miscellaneous provisions - Regulation-making powers

326A: Regulations relating to interest on late payments of weekly compensation

You could also call this:

“Rules for extra money if weekly payments are late”

The Governor-General can make rules about interest on late payments of weekly compensation. These rules can set the base interest rate and add an extra amount on top of that rate. The Minister can only suggest these rules if they think the interest rate will make the law easy to understand, be fair to people making claims, and encourage the Corporation to pay claims quickly. When the Governor-General makes these rules, they become part of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS609.

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Part 9 Miscellaneous provisions
Regulation-making powers

326ARegulations relating to interest on late payments of weekly compensation

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for all or any of the following purposes:

  2. prescribing an indicator interest rate (or a formula or other methodology for setting another interest rate) as the base rate for the purposes of section 114(4)(a) on and from a specified date:
    1. prescribing a percentage as the premium for the purposes of section 114(4)(b) on and from a specified date.

      1. The Minister may recommend the making of regulations under this section only if the Minister is satisfied that the interest rate would be consistent with, or promote, the following objectives:

      2. simple, accessible, and predictable law:
        1. realistic and fair compensation for claimants:
          1. encouraging the Corporation to calculate and pay claims for weekly compensation as soon as practicable.

            1. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

            Notes
            • Section 326A: inserted, on , by section 29 of the Interest on Money Claims Act 2016 (2016 No 51).
            • Section 326A(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).