NSW Self Insurance Corporation Act 2004
11Self Insurance Fund
Start here
Get a plain-English read of 11
Turn the raw legal text into a practical explanation grounded in NSW Self Insurance Corporation Act 2004.
11 Self Insurance Fund
11 Self Insurance Fund
(1) There is to be established in the Special Deposits Account a Self Insurance Fund (the Fund) into which is to be paid—
(a) all money received by the Self Insurance Corporation as contributions from the State or an authority of the State towards the cost of claims, and
(b) all money recovered by the Self Insurance Corporation from insurers, third parties or other persons in connection with claims to which a Government managed fund scheme applies, and
(c) all money advanced to the Self Insurance Corporation by the Minister or appropriated by Parliament for the purposes of the Fund, and
(d) all money directed or authorised to be paid into the Fund by or under this or any other Act, and
(e) the proceeds of the investment of money in the Fund, and
(f) all money received by the Self Insurance Corporation from any other source (except any money that is payable into the Home Building Compensation Fund or Construction Risks Insurance Fund).
(2) The Fund is to be applied for the purpose of enabling the Self Insurance Corporation to exercise its functions, other than an excluded function, including but not limited to the following—
(a) payment of claims to which a Government managed fund scheme applies,
(b) payment of Government managed fund scheme administration expenses,
(c) payment of the costs (including disbursements) of risk management, actuarial and legal services provided in connection with Government managed fund schemes,
(d) payments to provide incentives to authorities of the State to enhance the management of liabilities,
(e) payment of contributions by the Self Insurance Corporation made in accordance with an arrangement entered into under section 211B (3) of the Workers Compensation Act 1987,
(f) payment into the Construction Risks Insurance Fund of such amounts as may be approved by the Minister for transfer into that Fund.
(3) All expenditure incurred by the Self Insurance Corporation, other than expenditure incurred in connection with an excluded function, is to be paid from the Fund.