Penalty for late payment of premium under CSHL Scheme
29.—(1) Subject to subsection (3), if the whole or any part of the premium for an insurance period under the CSHL Scheme, or any interest imposed under section 23(1)(a), remains unpaid at the expiry of such period as the Board may permit (being not less than one month) after the beginning of that insurance period, a penalty may be added to the premium and interest at the rates and times prescribed in the regulations.
(2) Subject to subsection (3), the regulations may provide for penalties to be imposed at different rates for premiums and interest imposed under section 23(1)(a) which remain unpaid for different periods.
(3) The total amount of the penalties imposed on the premium and interest for an insurance period must not exceed 17% of the total amount of the premium for that insurance period and any interest imposed under section 23(1)(a) on the outstanding premiums for that insurance period.
(4) The recovery body may, subject to such terms and conditions as the recovery body may specify, extend the time limit within which payment of any penalty is to be made.
(5) A recovery body may for any good cause shown remit the whole or any part of the penalty imposed under subsection (1).
