151JDamages for future economic loss—discount rate

151J Damages for future economic loss—discount rate

151J Damages for future economic loss—discount rate

(1) For the purposes of an award of damages, the present value of future economic loss is to be qualified by adopting the prescribed discount rate.

(2) The prescribed discount rate is—

(a) a discount rate of the percentage prescribed by the regulations, or

(b) if no percentage is so prescribed, a discount rate of 5 per cent.

(3) Except as provided by this section, nothing in this section affects any other law relating to the discounting of sums awarded as damages.

s 151J: Ins 1989 No 133, Sch 1 (1). Am 2001 No 94, Sch 1.1 [8].