Australia Insurance Contracts Act 1984 (Cth) s57: s 57 Pay interest on claims from when withholding became unreasonable

Where the insurer is liable to pay an amount under the contract or the Act, it also pays interest from the day it became unreasonable to withhold payment until payment is made or posted, at the rate set by the Regulations (s 38 of the Regulations: the 10-year Australian Government Bond yield published by the Reserve Bank, averaged over the half-years in the period, plus 3%), to the exclusion of any other interest law.