Australian Capital Territory Numbered Acts

LIFETIME CARE AND SUPPORT (CATASTROPHIC INJURIES) ACT 2014 (NO. 11 OF 2014) - SECT 83

    (1)     Before the beginning of each contribution period, the LTCS commissioner must determine the amount needed to be contributed to the fund in the contribution period (the required fund contribution )—

        (a)     to fully fund the present and likely future liabilities of the LTCS commissioner under part 6 (Payments under LTCS scheme) in relation to people who become participants in the scheme because of motor accident injuries suffered during the contribution period; and

        (b)     to meet the payments needed to be made from the fund (other than payments under part 6) during the contribution period; and

        (c)     to provide for any other matters the LTCS commissioner should, in all the circumstances, prudently make provision for in relation to liabilities under part 6.

    (2)     The amount needed to fully fund the present and likely future liability of the LTCS commissioner under part 6 is an amount sufficient to provide an amount of money that together with anticipated investment income is equal to the best estimate of the cost of meeting the liability (in inflated dollars) when the liability becomes payable.

    (3)     The LTCS commissioner's determination of the required fund contribution for a contribution period must be made in accordance with the report of an independent actuary.