Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 2001

  • revoked
  • Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 2001: 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 2001

(SR 2001/16)

  • Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 2001: 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 on the advice and with the consent of the Executive Council, makes the following regulations.

1 Title
  • These regulations are the Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 2001.

2 Commencement
  • These regulations come into force on 1 April 2001.

3 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

4 Formula for indexation of amount of maximum weekly compensation
  • (1) The insurer must adjust the amount of $1,319.93 that, at 31 March 2001, is specified under clause 21(1) of Schedule 1 of the Act (as adjusted by regulation 4 of the 2000 regulations), in accordance with the formula in subclause (2).

    (2) The formula has the following steps:

    • (a) first,—

      a  
      =c
      b  

      where—

      • a is 1129, which is the Labour Cost Index for the June 2000 quarter

      • b is 1111, which is the Labour Cost Index for the June 1999 quarter

      • c is 1.0162, which is the result of the division worked out to 4 decimal places; and

    • (b) second,—

      c x d = e

      where—

      • c is 1.0162

      • d is $1,319.93, which is the amount that, at 31 March 2001, is specified under clause 21(1) of Schedule 1 of the Act (as adjusted by regulation 4 of the 2000 regulations)

      • e is $1,341.313, which is the result of the multiplication worked out to 3 decimal places; and

    • (c) third, round e down to the nearest cent to give $1,341.31.

    (3) The insurer must apply the adjusted amount of $1,341.31 to payments of weekly compensation for loss of earnings made on and after 1 April 2001.

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 when adjusting the maximum amount of weekly compensation for loss of earnings specified in clause 21(1) of Schedule 1 of the Act.

The maximum amount currently specified under that clause (following adjustment under the Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 2000) is $1,319.93 a week. On and after 1 April 2001 the maximum amount will be $1,341.31 a week.


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

Date of notification in Gazette: 1 March 2001.


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 2001. 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