Regulations name: amended, on 1 April 2026, by regulation 4(1) of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31).

Silvia Cartwright, Governor-General

Order in Council

At Wellington this 25th day of February 2002

Present:
Her Excellency the Governor-General in Council

Note

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

These regulations are administered by the Ministry of Business, Innovation, and Employment.

Pursuant to sections 329(i) and 333 of the Injury Prevention, Rehabilitation, and Compensation Act 2001, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

1	Title
2	Commencement
2A	Interpretation
3	Interest rate for late payment of levies
3A	Interest rate payable on levies collected by instalments
3B	Corporation may remit or waive interest payable on levies collected by instalments
4	Revocations
	Gazette Information
	Notes

Regulations

1 Title

These regulations are the Accident Compensation (Interest Rates for Payment of Levies) Regulations 2002.

Regulation 1: amended, on 1 April 2026, by regulation 4(1) of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31).

2 Commencement

These regulations come into force on 1 April 2002.

2A Interpretation

In these regulations, unless the context otherwise requires,—

instalment base rate means the monthly floating first mortgage new customer housing rate most recently reported by the Reserve Bank of New Zealand in their regular retail interest rates as at 1 April in the tax year in which the agreement was entered for collection of a levy by instalments

late payment base rate means the monthly floating first mortgage new customer housing rate most recently reported by the Reserve Bank of New Zealand in their regular retail interest rates as at 1 April in the tax year in which the interest accrues.

Regulation 2A: inserted, on 1 April 2026, by regulation 5 of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31).

3 Interest rate for late payment of levies

(1)

The interest payable to the Corporation on any unpaid levy, any unpaid instalment payment in respect of any levy, and any unpaid interest that has been charged already must be—

(a)

calculated, on a daily accrual basis, from the day after the date on which the payment is due at the monthly rate of interest set out in subclause (2); and

(b)

compounded monthly.

(2)

The monthly rate of interest must be calculated as follows:

monthly rate of interest = [(late payment base rate + 2.5) ÷ 12] + 1

Regulation 3(1)(a): replaced, on 1 April 2026, by regulation 6(1) of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31).

Regulation 3(1)(a): amended, on 1 July 2023, by section 22 of the Accident Compensation (Maternal Birth Injury and Other Matters) Amendment Act 2022 (2022 No 51).

Regulation 3(1)(a): amended, on 1 August 2008, by section 34(2) of the Injury Prevention, Rehabilitation, and Compensation Amendment Act 2008 (2008 No 46).

Regulation 3(2): inserted, on 1 April 2026, by regulation 6(2) of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31).

3A Interest rate payable on levies collected by instalments

(1)

Subclause (2) applies to a levy payer who has entered into an instalment plan under section 234 of the Act.

(2)

The amount of interest payable on the total amount of levy to be collected from the levy payer in instalments over a specified period of months, not exceeding 12 months, is the amount calculated in accordance with the following formula:

a × (((instalment base rate + 2.5) ÷ 12) ÷ 2) × b = c

where—

a: is the total amount of levy to be collected as specified on the levy invoice issued to the levy payer
b: is the number of months in the instalment period
c: is the amount of interest payable rounded to 2 decimal places.

Regulation 3A: inserted, on 1 April 2026, by regulation 7 of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31).

3B Corporation may remit or waive interest payable on levies collected by instalments

(1)

Subclause (2) applies to a levy payer who has entered into an instalment plan under section 234 of the Act.

(2)

The Corporation may, in whole or in part, remit or waive the interest payable on any levy to be collected from the levy payer if 1 or more of the following circumstances apply:

(a)

the amount of the interest is likely to be less than the cost to the Corporation of recovering it:

(b)

the Corporation—

(i)

has made an administrative error:

(ii)

determines that, due to the levy payer’s financial or health circumstances, requiring payment would, or would likely, cause the levy payer to suffer hardship:

(c)

the levy payer—

(i)

has ceased trading and the Corporation is satisfied that the levy payer is unable to pay the interest:

(ii)

is adjudicated bankrupt or is admitted to the no asset procedure under the Insolvency Act 2006:

(iii)

has an administrator, a receiver, or a liquidator appointed under the Companies Act 1993:

(iv)

has died and the Corporation is satisfied that it is impractical to make a claim for payment of the interest against the levy payer’s estate.

Regulation 3B: inserted, on 1 July 2026, by regulation 4 of the Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations (No 2) 2026 (SL 2026/149).

4 Revocations

The following regulations are revoked:

(a)

Accident Insurance (Premium Payment Procedures) Regulations 1999 (SR 1999/196):

(b)

Accident Insurance (Premium Payment Procedures) Amendment Regulations 2000 (SR 2000/127).

Marie Shroff,
Clerk of the Executive Council.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 28 February 2002.

Notes

1 General

This is a consolidation of the Accident Compensation (Interest Rates for Payment of Levies) Regulations 2002 that incorporates the amendments made to the regulations so that it shows the law as at its stated date.

2 Legal status

A consolidation is taken to correctly state, as at its stated date, the law enacted or made by the legislation consolidated and by the amendments. This presumption applies unless the contrary is shown.

Section 78 of the Legislation Act 2019 provides that this consolidation, published as an electronic version, is an official version. A printed version of legislation that is produced directly from this official electronic version is also an official version.

3 Editorial and format changes

The Parliamentary Counsel Office makes editorial and format changes to consolidations using the powers under subpart 2 of Part 3 of the Legislation Act 2019. See also PCO editorial conventions for consolidations.

4 Amendments incorporated in this consolidation

Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations (No 2) 2026 (SL 2026/149)

Accident Compensation (Interest Rates for Payment of Levies) Amendment Regulations 2026 (SL 2026/31)

Accident Compensation (Maternal Birth Injury and Other Matters) Amendment Act 2022 (2022 No 51): section 22

Injury Prevention, Rehabilitation, and Compensation Amendment Act 2008 (2008 No 46): section 34(2)

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Accident Compensation (Interest Rates for Payment of Levies) Regulations 2002