MOTOR ACCIDENT INJURIES ACT 2017 - SECT 10.14 Motor Accident Injuries Treatment and Care Benefits Fund (the MAITC Benefits Fund)

MOTOR ACCIDENT INJURIES ACT 2017 - SECT 10.14

10.14 Motor Accident Injuries Treatment and Care Benefits Fund (the MAITC Benefits Fund)

(1) There is established a Motor Accident Injuries Treatment and Care Benefits Fund, belonging to and vested in the Lifetime Care and Support Authority.

(2) The following is to be paid into the MAITC Benefits Fund--

(a) the appropriate proportion of the money contributed by third-party policy holders under this Division in respect of a relevant period (being the proportion that is the required contribution to the MAITC Benefits Fund determined under section 10.15 (d) in respect of that relevant period),

(b) money paid to the Lifetime Care and Support Authority by an insurer who enters into an agreement with that Authority under section 3.45,

(c) the interest from time to time accruing from the investment of the MAITC Benefits Fund,

(d) money required to be paid into the MAITC Benefits Fund by or under this or any other Act.

(3) The following is to be paid from the MAITC Benefits Fund--

(a) the payments of statutory benefits for treatment and care that the Lifetime Care and Support Authority is required to make under Division 3.4 as the relevant insurer,

(b) the costs of the Lifetime Care and Support Authority to the extent that those costs relate to the administration of this Act in relation to statutory benefits for treatment and care,

(c) all other money required by or under this or any other Act to be paid from the MAITC Benefits Fund.

(4) The Lifetime Care and Support Authority may invest money in the MAITC Benefits Fund that is not immediately required for the purposes of the MAITC Benefits Fund--

(a) if the Authority is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the Authority is permitted to invest money under that Part, or

(b) if the Authority is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Minister with the concurrence of the Treasurer.