New South Wales Consolidated Regulations
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MOTOR ACCIDENT INJURIES REGULATION 2017 - REG 16
Time for payment of assessed damages (section 7.38 (3))
16 Time for payment of assessed damages (section 7.38 (3))
(1) The amount of damages and costs payable by an insurer in respect of a
claim for damages assessed under Division 7.6 of the Act must be paid within
28 days after the assessment acceptance day, except as otherwise provided by
this clause.
(2) The insurer must give notification in accordance with this
clause of any deduction that the insurer is required by law to make from the
assessed amount of damages.
(3) Notification of a deduction relating to a
claim-- (a) is to be given to the person to whom the deduction is payable, and
(b) is to include a request for advice as to the amount of the deduction that
is required, and
(c) is to be given within 14 days after the assessment
acceptance day.
(4) The insurer must pay the balance of the assessed amount
of damages to the claimant within 28 days after all advice requested under
this clause in relation to deductions for a claim has been received by the
insurer.
(5) Interest is payable by the insurer on so much of the assessed
amount of damages as remains unpaid after the end of the relevant period for
payment of the assessed amount of damages. The rate of any such interest is
75% of the rate prescribed for the purposes of section 101 of the
Civil Procedure Act 2005 for the period concerned.
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