sec.787Law society must make additional payments for claims limited under former s 396

### sec.787 Law society must make additional payments for claims limited under former s 396 This section applies if, before the commencement, the law society paid an amount (the capped payment ) from the fidelity fund for a claim that was less than the allowed amount for the claim because the payment was limited by an amount fixed under former section 396. As soon as practicable after the commencement, the law society must pay the claimant an amount from the fidelity fund for the claim that is equal to the difference between— the capped payment; and the allowed amount of the claim. The law society must also pay the claimant interest on the amount payable from the fidelity fund under subsection (2). The interest— must be calculated at the rate prescribed by regulation from the day the capped payment was made; and is payable from the fidelity fund. In this section— allowed amount , for a claim, means the amount payable in relation to the claim as decided by the law society under chapter 3, part 3.6, division 5 or, if the law society’s decision is reviewed by QCAT, the amount payable in relation to the claim as decided by QCAT. former section 396 means section 396 as in force before the commencement. s 787 ins 2021 No. 7 s 26 (sec.787-ssec.1) This section applies if, before the commencement, the law society paid an amount (the capped payment ) from the fidelity fund for a claim that was less than the allowed amount for the claim because the payment was limited by an amount fixed under former section 396. (sec.787-ssec.2) As soon as practicable after the commencement, the law society must pay the claimant an amount from the fidelity fund for the claim that is equal to the difference between— the capped payment; and the allowed amount of the claim. (sec.787-ssec.3) The law society must also pay the claimant interest on the amount payable from the fidelity fund under subsection (2). (sec.787-ssec.4) The interest— must be calculated at the rate prescribed by regulation from the day the capped payment was made; and is payable from the fidelity fund. (sec.787-ssec.5) In this section— allowed amount , for a claim, means the amount payable in relation to the claim as decided by the law society under chapter 3, part 3.6, division 5 or, if the law society’s decision is reviewed by QCAT, the amount payable in relation to the claim as decided by QCAT. former section 396 means section 396 as in force before the commencement. - (a) the capped payment; and - (b) the allowed amount of the claim. - (a) must be calculated at the rate prescribed by regulation from the day the capped payment was made; and - (b) is payable from the fidelity fund.