New South Wales Consolidated Acts

MOTOR ACCIDENTS (LIFETIME CARE AND SUPPORT) ACT 2006 - SECT 48

48 Lifetime Care and Support Authority Fund

(1) There is established a fund, to be known as the Lifetime Care and Support Authority Fund, belonging to and vested in the Authority.

(2) The following is to be paid into the Fund--

(a) the appropriate proportion of the money contributed by third-party policy holders under Division 10.4 of the Motor Accident Injuries Act 2017 in respect of a relevant period (being the proportion that is the required contribution to the Fund determined under section 49 in respect of that relevant period),

(b) the interest from time to time accruing from the investment of the Fund,

(c) money required to be paid into the Fund by or under this or any other Act,

(d) all other money received by the Authority and not otherwise appropriated.

(3) The following is to be paid from the Fund--

(a) all payments required to be made by the Authority under Part 2A (Payments under Scheme),

(b) all payments required to meet expenditure incurred by or on behalf of a NSW Government agency in providing services (including staff and facilities) for or in connection with the Scheme,

(b1) all payments (as approved by the Minister administering Part 3 of the State Insurance and Care Governance Act 2015 ) required to meet expenditure incurred by the State Insurance Regulatory Authority in exercising functions in connection with the Scheme,

(d) all payments required to meet expenditure incurred in relation to the functions of the Authority, where money is not otherwise provided for that purpose,

(e) all other money required by or under this or any other Act to be paid from the Fund.

(4) The Authority may invest money in the Fund that is not immediately required for the purposes of the Fund--

(a) if the Authority is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the Authority is permitted to invest money under that Part, or

(b) if the Authority is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Minister with the concurrence of the Treasurer.