83ADetermination of amount to be contributed to LTCS

83A Determination of amount to be contributed to LTCS fund—motor accidents involving ACT government-owned vehicles (1) This section applies if— (a) 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 (b) an MAI policy was not in force for the motor vehicle at the time of the motor accident; and (c) as a consequence of the injuries suffered in the motor accident, the person becomes a participant in the LTCS scheme.

(2) The LTCS commissioner must determine, in writing, the amount ACTIA needs to contribute (the required fund contribution)— relation to the injuries suffered by the person; and than payments under part 6) in relation to the person; and Note 1 Power to make the determination includes power to make different Note 2 ACTIA—see the dictionary. (3) 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. (4) The LTCS commissioner’s determination of the required fund contribution for the injuries suffered by the person must be made in accordance with— (a) the report of an independent actuary; and (b) 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

(c) the LTCS guidelines for determining the required fund contribution.