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Accident Compensation Act 2001

Provisions relating to transition from competitive provision of workplace accident insurance - Savings in respect of other ongoing matters under 1998 Act

344: Funding of Regulator

You could also call this:

"How the Regulator gets money to do their job and make insurers follow the rules"

The Regulator can recover costs from insurers for doing their leftover jobs from the 1998 Act. This started from 1 April 2002. If insurers don't follow the rules from the 1998 Act, the Regulator can make them fix their mistakes. The Regulator can tell insurers to fix problems within a certain time. If insurers don't fix the problems, the Regulator can make them pay for the costs of fixing them. The Regulator can also make insurers pay for any costs the Regulator had to spend to do their job. If insurers don't pay these costs, the Regulator can take them to court to get the money. The court can also make insurers pay interest on the money they owe.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM104135.

Topics:
Health and wellbeing > Healthcare servicesWork and jobs > Workplace safety
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343: Saving in respect of other ongoing matters under 1998 Act, or

"Old law parts still work for some things"

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345: Regulator's functions in respect of Non-Compliers Fund, or

"What happens when the Minister asks the Corporation to manage the Non-Compliers Fund"

Part 10Provisions relating to transition from competitive provision of workplace accident insurance
Savings in respect of other ongoing matters under 1998 Act

344Funding of Regulator

  1. The purpose of this section is to provide for the recovery of the cost to the Crown of the performance of the Regulator's residual functions under the 1998 Act (as saved by this Part).

  2. The Regulator may, in respect of periods on and after 1 April 2002, impose administrative sanctions on insurers in respect of any failure to comply with the insurer's obligations under the 1998 Act by—

  3. requiring an insurer to remedy the default within a period specified by the Regulator; and
    1. requiring an insurer to meet any costs reasonably incurred by the Regulator in carrying out that function or in remedying any default that an insurer fails to remedy.

      1. The costs in subsection (2)(b) are recoverable as a debt due to the Regulator in any court of competent jurisdiction together with any interest on that amount that may be specified by the Regulator.