Untitled document

Accident Compensation Amendment (Repayments and Dividends) Act 2012

No. 18 of 2012

TABLE OF PROVISIONS

Section  Page

1Purpose

2Commencement

3Payments out of WorkCover Authority Fund

4Capital and dividends

33ARepayment of capital

33BDividends

5Repeal of amending Act

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ENDNOTES

Accident Compensation Amendment (Repayments and Dividends) Act 2012

No. 18 of 2012

[Assented to 24 April 2012]

The Parliament of Victoria enacts:

1Purpose

The purpose of this Act is to amend the Accident Compensation Act 1985 in order to enable the Victorian WorkCover Authority to repay capital and pay dividends to the State.

2Commencement

This Act comes into operation on the day after the day on which this Act receives the Royal Assent.

3Payments out of WorkCover Authority Fund

After section 32(4)(e) of the Accident Compensation Act 1985 insert—

"(ea)any payment of an amount under section 33A or 33B;".

4Capital and dividends

After section 33 of the Accident Compensation Act 1985 insert—

33ARepayment of capital"

(1)The capital of the Authority is repayable to the State at the times and in the amounts determined by the Treasurer after consultation with the Authority and the Minister.

(2)In making a determination under this section, the Treasurer must have regard to any advice that the Authority has given to the Treasurer in relation to the Authority's affairs.

33BDividends

(1)The Authority must pay to the State a dividend at the time and in the manner determined by the Treasurer after consultation with the Authority and the Minister.

(2)In determining the dividend policy that applies to the Authority, the Treasurer must have regard to the solvency margin determined to maintain the long term financial viability of the accident compensation scheme.".

5Repeal of amending Act

This Act is repealed on the first anniversary of its commencement.

Note

The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984).

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ENDNOTES

Minister's second reading speech—

Legislative Assembly: 14 March 2012

Legislative Council: 29 March 2012

The long title for the Bill for this Act was "A Bill for an Act to amend the Accident Compensation Act 1985 to enable the Victorian WorkCover Authority to repay capital and pay dividends to the State and for other purposes."