Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999

  • revoked
  • Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999: revoked, on 6 November 2008, by clause 3 of the Regulations Revocation Order 2008 (SR 2008/367).

Reprint
as at 6 November 2008

Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999

(SR 1999/132)

  • Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999: revoked, on 6 November 2008, by clause 3 of the Regulations Revocation Order 2008 (SR 2008/367).


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

These regulations are administered in the Department of Labour.


PURSUANT to section 404 of the Accident Insurance Act 1998, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, makes the following regulations.

1 Title and commencement
  • (1) These regulations may be cited as the Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999.

    (2) These regulations come into force on 1 July 1999.

2 Interpretation
  • In these regulations, unless the context otherwise requires,—

    Act means the Accident Insurance Act 1998

    Labour Cost Index means the Labour Cost Index All (Industry or Occupation) Groups Combined, All Sectors Combined, Total Wage and Salary Rates published from time to time by Statistics New Zealand.

3 Formula for indexation of amount of maximum weekly compensation
  • (1) The insurer must adjust the amount that, on 30 June 1999, is specified in clause 21(1) of Schedule 1 of the Act in accordance with the formula in subclause (2).

    (2) The formula has the following steps:

    • (a) First,—

      .

      a — b = c

      where

      • a is 1096, which is the Labour Cost Index for the June 1998 quarter

      • b is 1075, which is the Labour Cost Index for the June 1997 quarter

      • c is 1.0195, which is the result of the division worked out to 4 decimal places; and

    • (b) Second,—

      .

      c x d = e

      where—

      • c is 1.0195

      • d is $1,277.18, which is the amount that, on 30 June 1999, is specified in clause 21(1) of Schedule 1 of the Act

      • e is $1,302.035, which is the result of the multiplication worked out to 3 decimal places; and

    • (c) Third, round e up to the nearest cent to give $1,302.09.

    (3) The insurer must apply the adjusted amount of $1,302.09 to payments of weekly compensation for loss of earnings made on and after 1 July 1999.

MARIE SHROFF,

Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations relate to section 102 of the Accident Insurance Act 1998. They prescribe the formula that applies to adjust the maximum amount of weekly compensation for loss of earnings specified in clause 21(1) of Schedule 1 of the Act. The maximum amount specified now is $1,277.18 a week. On and after 1 July 1999 the maximum amount will be $1,302.09 a week.

The regulations come into force, contemporaneously with the Act, on 1 July 1999.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 27 May 1999.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999. It incorporates all the amendments to the regulations as at 6 November 2008. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007. Relevant provisions of any amending enactments that contain transitional, savings, or application provisions are also included, after the Principal enactment, in chronological order.

2 About this eprint
  • This eprint has not been officialised. For more information about officialisation, please see Making online legislation official under Status of legislation on this site in the About section of this website.

3 List of amendments incorporated in this eprint (most recent first)
  • Regulations Revocation Order 2008 (SR 2008/367): clause 3