Document ID: chunk:federal_register_of_legislation:C2004A01252:clause:2_66b
Version: federal_register_of_legislation:C2004A01252
Segment Type: clause
Provision Reference: sch 2 cl 66B
Character Range: 13173–14375

66B  Late payment penalty for medical indemnity insurers and MDOs

 (1) If:
 (a) a medical indemnity insurer or an MDO (the collection body) is liable under paragraph 66A(4)(b) to remit an amount to the HIC; and
 (b) all or part of the amount has not been remitted to the HIC within the period referred to in subsection 66A(5);
the collection body is liable to pay a late payment penalty under this section.

 (2) The late payment penalty is calculated:
 (a) at the prescribed rate; and
 (b) on the unpaid amount of the amount to be remitted; and
 (c) for the period:
 (i) starting when the amount becomes due and payable; and
 (ii) ending when the amount, and the penalty payable under this section in relation to the amount, have been paid in full.

 (3) The HIC may remit the whole or a part of an amount of late payment penalty if the HIC considers that there are good reasons for doing so.

 (4) An application may be made to the Administrative Appeals Tribunal for review of a decision of the HIC not to remit, or to remit only part of, an amount of late payment penalty.

Note: Section 27A of the Administrative Appeals Tribunal Act 1975 requires notification of a decision that is reviewable.