WORKERS REHABILITATION AND COMPENSATION ACT 1986 - SECT 64
This legislation has been repealed.
WORKERS REHABILITATION AND COMPENSATION ACT 1986 - SECT 64
(1) The Corporation
shall establish and maintain a fund entitled the Compensation Fund .
(2) The Compensation
Fund shall consist of—
(a)
amounts received from the imposition of premiums, supplementary payments or
fees under this Part;
(b) any
income and accretions produced by the investment of money from the Fund;
(c) any
money advanced to the Corporation for the purposes of the Fund;
(d)
other money received by the Corporation under this Act or in the
administration of this Act;
(e) to
the extent provided by regulation—money received by the Corporation
under, or in the administration of, another Act.
(3) The Compensation
Fund shall be applied towards—
(a) the
payments of compensation that the Corporation is liable to make under this
Act;
(b) the
costs incurred by the Corporation in performing its functions under this Act;
(ba) any
costs incurred by the Minister or the Crown if a decision or process of the
Minister under section 62A
becomes the subject of judicial proceedings;
(c) the
costs of the system of dispute resolution established by this Act;
(ca) the
costs associated with the establishment and operation of Medical Panels;
(cb) the
costs recoverable from the Compensation Fund under Part 6C
;
(cc) the
costs recoverable from the Compensation Fund under Part 6D
;
(d) to
the extent provided by regulation—the costs incurred by the Corporation
in carrying out its functions under another Act;
(e) any
payment that the Corporation is required to make under the Work
Health and Safety Act 2012
.
(3a) The amount to be
paid from the Compensation Fund under subsection (3)(c)
will be determined by agreement between the chief executive of the
administrative unit that is, under the Minister, responsible for the
administration of this Act and the Corporation or, in default of agreement, by
the Minister.
(4) The Corporation
may invest money that is not immediately required for the purposes of the
Compensation Fund as the Corporation thinks fit.
(5) Subject to subsection (6)
, in deciding how to invest funds that are available for investment, the
Corporation shall endeavour to achieve the highest possible rates of return.
(6) The Corporation is
not required to comply with subsection (5)
if the board unanimously decides, in relation to certain funds, to invest
those funds at a lesser rate of return but so as to promote the economy of the
State.
(7) Until there are
sufficient funds in the Compensation Fund to meet the liabilities of the Fund,
the Treasurer may, as may be required from time to time, lend money to the
Corporation on such terms and conditions as the Treasurer may determine.
(8) The Treasurer may
charge a fee of such amount as the Treasurer thinks fit in respect of any loan
made to the Corporation under subsection (7)
.