Western Australian Current Acts Western Australian Current Acts (1) For the purposes
of this Act, an account called the Workers’ Compensation and Injury
Management Trust Account is to be established —
(a) as
an agency special purpose account under section 16 of the
Financial Management Act 2006 ; or
(b) with
the approval of the Treasurer, at a bank as defined in section 3 of that Act.
(2) There shall be
credited to the Trust Account —
(a) all
moneys paid to WorkCover WA under section 72I(1)(a); and
(b) all
moneys paid to WorkCover WA under section 72J(2) or (5); and
(c) all
moneys paid to WorkCover WA under section 218.
(3) Moneys standing to
the credit of the Trust Account shall become one common fund to be invested by
WorkCover WA.
(4) Investments made
from the Trust Account shall not be made on account of or belong to any
particular person.
(5) Interest or income
earned by such investments shall be credited to the Trust Account.
(6) WorkCover WA may,
with the written approval of the Treasurer, invest moneys standing to the
credit of the Trust Account in such investments or securities, and subject to
such conditions, as are specified in the instrument of approval.
(7) WorkCover WA with
the approval of the Treasurer shall fix from time to time —
(a) the
rate of interest payable to the respective persons entitled to money standing
to the credit of the Trust Account in accordance with an order of a dispute
resolution authority; and
(b) the
proportion of the costs of administration of the Trust Account and investments
from it to be charged to the respective persons entitled to money in the Trust
Account.
(8) There shall be
paid from moneys standing to the credit of the Trust Account —
(a) to
WorkCover WA all money required for the cost of its administration; and
(b) to
or on behalf of the respective persons entitled to money standing to the
credit of the Trust Account, the amount apportioned to them respectively in
accordance with an order of a dispute resolution authority, plus interest
payable, and less charges made, under subsection (7).
[Section 110 amended: No. 86 of 1986 s. 10; No. 96
of 1990 s. 28; No. 48 of 1993 s. 28(1); No. 49 of 1996 s. 64; No. 34 of 1999
s. 36; No. 42 of 2004 s. 101 and 150; No. 77 of 2006 Sch. 1 cl. 189(6) and
(9); No. 8 of 2018 s. 8.]