1. (a) Insurance carriers shall pay interest on medical bills paid on or after the 60th day after the insurance carrier originally received the complete medical bill, in accordance with §133.304 of this title (relating to Medical Payments and Denials). Health care providers shall pay interest on insurance carrier requests for refunds paid later than the 60th day after the date the health care provider received the request for refund, in accordance with §133.304 of this title (relating to Medical Payments and Denials). The rate of interest will be set quarterly and will be calculated on a per annum basis according to the Texas Labor Code, §401.023.

2. (b) The method used to calculate interest follows:

   1. (1) multiply the rate of interest by the amount in question (to determine the annual amount of interest);
   2. (2) divide the annual amount of interest by 365 (to determine the daily interest amount); then
   3. (3) multiply the daily interest amount by the number of days of interest to which the recipient is entitled under §133.304 of this title (Relating to Payments and Denials of Medical Bills).
3. (c) The rate of interest to be paid shall be the rate calculated in accordance with §401.023 of the Texas Labor Code and in effect on the date the payment was made.
4. (d) The percentage of interest for each quarter may be obtained by contacting the central office of the Commission in Austin, Texas.
5. (e) This rule shall apply to all dates of service on or after July 15, 2000.

Source Note:The provisions of this §134.803 adopted to be effective July 11, 1991, 16 TexReg 3593; amended to be effective July 15, 2000, 25 TexReg 2139.