(1) If an award of personal injury damages in a proceeding to which this Part applies is to include any component, assessed as a lump sum, for future economic loss of any kind, the present value of that future economic loss is to be determined by applying:
(a) a discount rate of the percentage prescribed by the regulations; or
(b) if no percentage is prescribed--a discount rate of 5%.
(2) A regulation made for the purposes of paragraph (1)(a) does not commence before the end of the period of 6 months starting:
(a) if the regulation is laid before each House of the Parliament under section 38 of the Legislation Act 2003 on the same day--on that day; or
(b) if it is laid before each House of the Parliament under that section on different days--on the later of those days.
(3) Except as provided by this section, this section does not affect any other law relating to the discounting of sums awarded as damages or compensation.