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The Accident Compensation Corporation (ACC) has announced it will be paying a 4.245% per annum interest rate on overdue weekly compensation payments, starting July 01.
ACC said it will pay customers interest if weekly compensation is overdue. This would mean that ACC has taken more than one month to pay a customer after receiving the information needed to calculate and make the payment. ACC reviews the interest rate each year.
“We’re legally required to review and update, if necessary, the interest rate on overdue weekly compensation on a yearly basis,” it said.
The legislation relating to overdue weekly compensation payments and interest rates is set out in section 114 of the Accident Compensation Act 2001.
