New South Wales Consolidated Regulations

MOTOR ACCIDENT INJURIES REGULATION 2017 - REG 16

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.