Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this section, Comcare must pay, from Comcare - retained funds, the money required by Comcare:
(a) to enable it to discharge:
(i) any liability in relation to compensation (other than a liability referred to in paragraph 90B(a) or (ab)) that was incurred by Comcare or by the previous Commission under this Act but that has not been discharged before 1 July 2002; and
(ii) any liability in relation to compensation that Comcare incurs under this Act on or after that date; and
(b) to enable it to pay, on behalf of an Entity or Commonwealth authority:
(i) any damages or costs awarded under, or any amount agreed to be paid in settlement of, an action for non - economic loss, that Comcare or the previous Commission was liable to pay but that had not been paid before 1 July 2002; and
(ii) any damages awarded under, or amount agreed to be paid in settlement of, an action for non - economic loss, that Comcare becomes liable to pay on and after that date; and
(c) to meet any administrative expenses incurred by it on or after that date that are attributable to the performance of its functions in respect of claims for injury, loss or damage suffered by, or for the death of, an employee on or after 1 July 1989.
(2) If there is insufficient money in Comcare - retained funds to make a particular payment under subsection (1), there is payable by the Commonwealth to Comcare such an amount as is necessary to enable Comcare to make that payment.
(3) A payment (the relevant payment) is not to be made to Comcare under subsection (2) if the amount of the relevant payment exceeds an amount worked out at the time of the payment using the formula:
where:
"notional interest" means an amount of notional interest, being the interest at such rates as are from time to time determined by the Finance Minister that would have accrued, on or after 1 July 1989 and before the relevant payment is made, in respect of the premiums received if such interest had been payable to the previous Commission and to Comcare.
"premiums received" means the total amount of the premiums paid, or notionally paid, to the Commonwealth in respect of financial years or parts of financial years starting on 1 July 1989 and ending before 1 July 2002, in accordance with a direction of the Minister under section 96G of the Safety, Rehabilitation and Compensation Act 1988 as in force from time to time during that period.
"previous payments" means the total of the amounts paid by the Commonwealth to the previous Commission or to Comcare for the purposes of the performance of their functions under this Act before the relevant payment is made.
(4) For the purpose of the application on, or at any time after, 1 July 2002 of the formula referred to in subsection (3), the Finance Minister may determine:
(a) the total of the amounts of the premiums paid, or notionally paid, to the Commonwealth in respect of financial years or parts of financial years starting on 1 July 1989 and ending before 1 July 2002 that would have been received at that time; and
(b) the notional interest (within the meaning of that subsection) that would have accrued to that time; and
(c) the previous payments (within the meaning of that subsection) made before that time.
"Comcare-retained funds" means so much of the funds from time to time standing to Comcare's credit in a bank account as is attributable to:
(a) premiums paid to Comcare by Entities and Commonwealth authorities in respect of the financial year starting on 1 July 2002 and subsequent financial years; and
(b) special premiums paid to Comcare by Entities and Commonwealth authorities in respect of one or more of the financial years starting on 1 July 1999, 1 July 2000 or 1 July 2001; and
(c) interest earned on the premiums and special premiums referred to in paragraphs (a) and (b); and
(d) exit contributions paid to Comcare; and
(e) interest earned on exit contributions paid to Comcare.