New South Wales Consolidated Regulations

MOTOR ACCIDENTS COMPENSATION REGULATION 2005 - REG 17A

17A Time for payment by insurer of assessed amount of damages

(1) For the purposes of section 95 (2A) of the Act, an insurer must pay an assessed amount of damages to the claimant concerned within 20 business days of the claimant’s communication of acceptance of the assessment.

(2) Despite subclause (1), if an insurer is required by law to make a deduction from the assessed amount of damages payable to the claimant, the insurer must:

(a) notify the person to whom the deduction is payable, and

(b) request advice as to the amount of the deduction that is required from the person to whom the deduction is payable within 10 business days of the claimant’s communication of acceptance of the assessment, and

(c) on receipt of that advice, pay the balance of the assessed amount of damages to the claimant within 20 business days of the date of the advice or, if more than one such person exists, within 20 business days of the receipt of all such advice relating to the assessed amount of damages.

(3) Interest is payable by the insurer on so much of the assessed amount of damages as remains unpaid after the end of the relevant period for payment of the assessed amount of damages. The rate of any such interest is three-quarters of the rate prescribed for the purposes of section 101 of the Civil Procedure Act 2005 .