New South Wales Consolidated Acts New South Wales Consolidated Acts(cf s 95 MACA)
(1) An assessment under this Division of the issue of liability for a claim is not binding on any party to the assessment.
(2) An assessment under this Division of the amount of damages for liability under a claim for damages is binding on the insurer, and the insurer must pay to the claimant the amount of damages specified in the certificate as to the assessment if--(a) the insurer admits that liability under the claim, and(b) the claimant accepts that amount of damages in settlement of the claim within 21 days after the certificate of assessment is issued.
(3) The amount of damages payable by an insurer (including any costs assessed as payable by the insurer) must be paid within such period as may be prescribed by the regulations and the regulations may require the payment of interest on so much of the amount payable as is from time to time unpaid after the end of that period. The rate of interest may be set by reference to the rate of interest prescribed for the purposes of section 101 of the Civil Procedure Act 2005 but may not exceed that rate.
(4) It is a condition of an insurer's licence under this Act that the insurer complies with this section.