Regulation 11 Rate of interest

Except where the Department recovers from any applicant any premium or part of any premium paid to that applicant as a result of an error of the Department, for the purpose of Article 14(1) of Commission Regulation 3887/92, interest shall be charged at the rate of one percentage point above the sterling three months London Interbank Offered Rate on a day to day basis for the period specified in that Article.