Section 15.23.243. Interest.

	(a)  Dividends held in trust by a public agency in accordance with AS 43.23.015(e) will be invested by the department together with other money under AS 37.10.070. No separate investment accounts for individual applicants will be maintained. Monies held in trust and invested will be paid interest at the average rate earned by all money invested in accordance with AS 37.10.070 from the date the application is approved and processed for payment by the department to the date the claim for payment of the money is filed by or on behalf of the individual on whose behalf the public agency filed.  
	(b)  Except as provided in (c) of this section, interest accrues on assessments of disallowed dividend payments at the rate established in AS 45.45.010 on the balance of the dividend owing.  
	(c)  Interest does not accumulate on an assessment of a disallowed dividend if the dividend is repaid within 60 days after the determination of disallowance becomes final.  

Authorities

43.23.015;43.23.055

Notes

Authority

AS 43.23.015 AS 43.23.055

History

Eff. 1/1/93, Register 124