Lifetime Care and Support (Catastrophic Injuries) Act 2014

This section applies if—

a person is catastrophically injured in a motor accident involving a motor vehicle owned by the Territory, or a territory authority, at the time of the accident; and

an MAI policy was not in force for the motor vehicle at the time of the motor accident; and

as a consequence of the injuries suffered in the motor accident, the person becomes a participant in the LTCS scheme.

The LTCS commissioner must determine, in writing, the amount ACTIA needs to contribute (the required fund contribution)—

to fully fund the present and likely future liabilities of the LTCS commissioner under part 6 (Payments under LTCS scheme) in relation to the injuries suffered by the person; and

to meet the payments needed to be made from the fund (other than payments under part 6) in relation to the person; and

to provide for any other matters the LTCS commissioner should, in all the circumstances, prudently make provision for in relation to liabilities under part 6.

Note 1 Power to make the determination includes power to make different provision in relation to different matters or different classes of matters, and to make a determination that applies differently by reference to stated exceptions or factors (see Legislation Act, s 48).

Note 2 ACTIA—see the dictionary.

The amount needed to fully fund the present and likely future liability of the LTCS commissioner under part 6 in relation to the injuries suffered by the person is an amount sufficient to provide an amount of money that together with anticipated investment income is equal to the best estimate of the cost of meeting the liability (in inflated dollars) when the liability comes payable.

The LTCS commissioner’s determination of the required fund contribution for the injuries suffered by the person must be made in accordance with—

the report of an independent actuary; and

if the motor accident involved more than 1 motor vehicle—the commissioner’s apportionment of liability attributed to the motor vehicle owned by the Territory or territory authority; and

the LTCS guidelines for determining the required fund contribution.

Note The LTCS guidelines are made under s 93.