Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698837608884.pdf (New Zealand)
Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999 (SR 1999/132) PURSUANT to section 404 of the Accident Insurance Act 1998, His Excellency the Governor­General, acting by and with the advice and consent of the Executive Council, makes the following regulations.
1 2 3 1 (1) (2) 2 Contents Title and commencement Interpretation Formula for indexation of amount of maximum weekly compensation Page 1 1 2 Title and commencement These regulations may be cited as the Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999.

These regulations come into force on 1 July 1999.


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 (Indus­ try or Occupation) Groups Combined, All Sectors Combined, Total Wage and Salary Rates published from time to time by Statistics New Zealand.

Note These regulations are administered in the Department of Labour.
1 r 3 3 (1) (2) (3) Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999 Reprinted as at 3 September 2007 Formula for indexation of amount of maximum weekly compensation The insurer must adjust the amount that, on 30 June 1999, is speciﬁed in clause 21(1) of Schedule 1 of the Act in accord­ ance with the formula in subclause (2).
The formula has the following steps: (a) First,— where a b c is 1096, which is the Labour Cost Index for the June 1998 quarter is 1075, which is the Labour Cost Index for the June 1997 quarter is 1.0195, which is the result of the division worked out to 4 decimal places; and (b) Second,— where— c d e is 1.0195 is $1,277.18, which is the amount that, on 30 June 1999, is speciﬁed in clause 21(1) of Schedule 1 of the Act is $1,302.035, which is the result of the multipli­ cation worked out to 3 decimal places; and Third, round e up to the nearest cent to give $1,302.09.
(c) The insurer must apply the adjusted amount of $1,302.09 to payments of weekly compensation for loss of earnings made on and after 1 July 1999.

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 to adjust the maxi­ 2 Reprinted as at 3 September 2007 Accident Insurance (Indexation of Maximum Weekly Compensation) Regulations 1999 mum amount of weekly compensation for loss of earnings speciﬁed in clause 21(1) of Schedule 1 of the Act.

The maximum amount spe­ ciﬁed now is $1,277.18 a week.

On and after 1 July 1999 the maxi­ mum amount will be $1,302.09 a week.

The regulations come into force, contemporaneously with the Act, on 1 July 1999.
Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notiﬁcation in Gazette: 27 May 1999.

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