W. Va. Code R. § 85-11-13

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 85-11-13 - Interest

13.1. Pursuant to W. Va. Code § 23-2-13, all payments unpaid on the date on which due and payable, as prescribed by the Commissioner, shall immediately begin bearing interest. Interest shall be compounded quarterly until payment plus accrued interest is received by the Commissioner; except that future interest for payment agreements shall be calculated and provided at a simple rate of interest. Interest collected pursuant to this subsection shall be paid into the Old Fund, Uninsured Employers' Fund or Self-Insured Guaranty Risk Pool or Security Risk Pool (as established in 85CSR19 §1, et seq.), whichever is applicable.

13.2. Notwithstanding the provisions of subsection 13.1 of this section, in no event shall the rate of interest charged a political subdivision of the State or a volunteer fire department exceed ten percent per annum.