Periodic payment of defined benefits—Australians living overseas
183 Periodic payment of defined benefits—Australians living overseas
This section applies if—
an insurer must pay defined benefits to a person; and
the person is an Australian living overseas.
The insurer must pay the amount of treatment and care benefits and income replacement benefits to which the Australian living overseas is entitled under this chapter in the form of regular instalments (periodic payments).
The periodic payments must be deposited into an account the Australian living overseas has with an authorised deposit-taking institution.
Authorised deposit-taking institution—see the Legislation Act, dictionary, pt 1.
The insurer must not commute defined benefits to which the Australian living overseas is, or may be, entitled to a lump sum payment.
The MAI guidelines may make provision for determining the following:
the period for which an Australian living overseas must live outside Australia to be eligible for periodic payments (the eligibility period);
the amount and frequency of periodic payments payable to an Australian living overseas.
In this section:
Australian living overseas means a person injured in a motor accident who—
is an Australian citizen or permanent resident of Australia; and
lives outside Australia; and
has lived outside Australia for at least the eligibility period (if any); and
intends to live outside Australia permanently or for an extended time.
This Act’s bill:Explanatory statementSecond reading speech
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