Tag archives: Prescribed rate of interest

Interest on insurance awards

The Supreme Court of Appeal has ordered an insurer to pay interest from the date upon which the indemnity should have been furnished rather than the date the insured issued a summons. In Viking InShore Fishing vs Mutual & Federal Co Ltd the court found that the insurer was liable to pay the claim relating to … Continue reading

New prescribed interest rate

[CLICK HERE TO SEE THE UPDATED RATE FOR 2018 IN THIS POST] The prescribed rate of interest, effective from 1 March 2016, is 10.25% per annum. The prescribed rate of interest is linked to the repo rate.  This new figure is in accordance with the formula for calculating the prescribed rate (repurchase rate plus 3.5%).  … Continue reading