Accident Insurance (Interest on Crown Advances) Regulations 1999
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Version as at 1 April 2002
Accident Insurance (Interest on Crown Advances) Regulations 1999
(SR 1999/413)
Accident Insurance (Interest on Crown Advances) Regulations 1999: revoked, on 1 April 2002, pursuant to section 339(1) of the Accident Compensation Act 2001 (2001 No 49).
Michael Hardie Boys, Governor-General
Order in Council
At Wellington this 22nd day of November 1999
Present:
The Right Hon Wyatt Creech presiding in Council
Note
The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.
Note 4 at the end of this version provides a list of the amendments included in it.
These regulations are administered by the Ministry of Business, Innovation, and Employment.
Pursuant to sections 276 and 412 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.
Regulations
1 Title and commencement
(1)
These regulations may be cited as the Accident Insurance (Interest on Crown Advances) Regulations 1999.
(2)
These regulations come into force on the 28th day after the date of their notification in the Gazette.
2 Manner in which interest to be paid
(1)
This regulation applies to interest that is payable, under section 276 of the Accident Insurance Act 1998, on Crown advances to the Insolvent Insurers Fund and the Non-Compliers Fund.
(2)
The interest is payable as follows:
(a)
interest is calculated on a simple interest basis on the daily balance of the Crown advance outstanding to the Crown in respect of each Fund:
(b)
the Secretary to the Treasury must issue an invoice for each Fund that shows the amount of interest owing by that Fund:
(c)
the invoice must be prepared as at 31 December and 30 June in each year, for the 6-month period ended on that date:
(d)
the Secretary to the Treasury must send the invoice to the Regulator:
(e)
no invoice needs to be issued for a Fund if Crown advance was not outstanding during the 6-month period ended on the invoice date:
(f)
the Regulator must pay the amount of the invoice before the 20th day of the month following the month in which the invoice is received:
(g)
the payment must be made out of the Fund for which the invoice has been issued.
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, which come into force on the 28th day after the date of their notification in the Gazette, prescribe the manner in which interest is to be paid on Crown advances to the Insolvent Insurers Fund and the Non-Compliers Fund under the Accident Insurance Act 1998.
The rate of interest is determined by the Minister of Finance and notified in the Gazette.
Date of notification in Gazette: 25 November 1999.
Notes
1 General
This is a consolidation of the Accident Insurance (Interest on Crown Advances) Regulations 1999 that incorporates the amendments made to the legislation so that it shows the law as at its stated date.
2 Legal status
A consolidation is taken to correctly state, as at its stated date, the law enacted or made by the legislation consolidated and by the amendments. This presumption applies unless the contrary is shown.
Section 78 of the Legislation Act 2019 provides that this consolidation, published as an electronic version, is an official version. A printed version of legislation that is produced directly from this official electronic version is also an official version.
3 Editorial and format changes
The Parliamentary Counsel Office makes editorial and format changes to consolidations using the powers under subpart 2 of Part 3 of the Legislation Act 2019. See also PCO editorial conventions for consolidations.
4 Amendments incorporated in this consolidation
Accident Compensation Act 2001 (2001 No 49): section 339(1)
Versions
Accident Insurance (Interest on Crown Advances) Regulations 1999
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