Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) As soon as practicable in the financial year commencing 1 July 2001 and in each subsequent financial year, the Nominal Insurer:
(a) must estimate the total of the amounts already paid and the amounts to be paid from the Fund during that financial year;
(b) must determine the amounts (if any) to be set aside to meet expenditure from the Fund in future years and specify the purpose or purposes for which each amount is to be set aside;
(c) must estimate the total of the amounts already received and the amounts to be received into the Fund during that financial year, other than contributions from approved insurers and self-insurers under section 164A;
(d) may recommend a total amount to be contributed to the Fund under section 164A by approved insurers and self-insurers during that financial year, as determined after having regard to the amount standing to the credit of the Fund at the beginning of that year including:
(i) amounts set aside in earlier years as provision to meet expenditure in later years; and
(ii) the amount estimated to be received into the Fund during the year otherwise than from approved insurers and self-insurers under section 164A; and
(e) must submit in writing to the Minister for his or her approval the estimates, determinations and recommendation (if any) referred to in paragraphs (a), (b), (c) and (d).
(2) The estimates, determinations and recommendation of the Nominal Insurer referred to in subsection (1) do not have effect until they are approved by the Minister.