These regulations are the Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 2000.

These regulations come into force on 1 April 2000.

In these regulations, unless the context otherwise requires,—

(1) The insurer must adjust the amount of $1,302.09 that, at 31 March 2000, is specified under clause 21(1) of Schedule 1 of the Act, as adjusted by regulation 3 of the 1999 regulations, in accordance with the formula in subclause (2).

(2) The formula has the following steps:

• (a) first,—

  

  a — b = c

  where—

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

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

  • c is 1.0137, which is the result of the division worked out to 4 decimal places; and

• (b) second,—

  

  c X d = e

  where—

  • c is 1.0137

  • d is $ 1,302.09, which is the amount that, at 31 March 2000, is specified under clause 21(1) of Schedule 1 of the Act as adjusted by regulation 3 of the 1999 regulations

  • e is $1,319.929, 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 $1,319.93.

(3) The insurer must apply the adjusted amount of $1,319.93 to payments of weekly compensation for loss of earnings made on and after 1 April 2000.