Contributions to fund by ACTIA
83B Contributions to fund by ACTIA
ACTIA must make the required fund contribution determined for a person under section 83A by lump sum payment to the LTCS commissioner.
Note ACTIA—see the dictionary.
If the person is not accepted as a lifetime participant in the LTCS scheme, the LTCS commissioner must refund to ACTIA the part of the lump sum paid under subsection (1) that is not needed as a result of the person not being accepted as a lifetime participant.
The LTCS guidelines may make provision for the following:
the resolution of disputes between ACTIA and the LTCS commissioner about the amount to be paid under subsection (1);
the calculation of the amount to be refunded under subsection (2);
the application of returns received on the investment of lump sums received under this section, including in relation to fees that may be charged, or deductions that may be made, for making or managing the investment of a lump sum.
Note The LTCS guidelines are made under s 93.
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