1346 NEW ZEALAND GAZETTE No. 60

D Access for physically disabled people

As witness the hand of His Excellency The Administrator of the Government, signed this 29th day of April 1998.

D. A. M. GRAHAM, Minister of Justice.

go2931

Labour

Accident Rehabilitation and Compensation Insurance Act 1992

Direction to the Accident Rehabilitation and Compensation Insurance Corporation Relating to Government Policy on Investment of Premium Income for the Employers’ and Earners’ Accounts Established under the Accident Rehabilitation and Compensation Insurance Act 1992 (“the ARCI Act”).

To the Accident Rehabilitation and Compensation Insurance Corporation (“ACC”)

Background

The current reserves policy established under section 128 of the ARCI Act provides that the equivalent of 6 months expenditure be kept in reserves in each of the Employers’ and Earners’ Accounts established under the ARCI Act 1992.

The level of premiums prescribed in the Accident Rehabilitation and Compensation Insurance (Employment Premiums) Regulations 1997 and the Accident Rehabilitation and Compensation Insurance (Earner Premium) Regulations 1997 is such that the levels of funds will soon pass those set under the reserves policy. This means that in the 1998/99 premium year, ACC will collect more funds than required to meet the pay-as-you-go costs and reserve requirements.

ACC investment policy is governed by clause 18 of the Second Schedule to the ARCI Act which requires ACC to invest “in the same manner as if it were a trustee, all money received by it and not immediately required for expenditure”.

Policy Direction

Pursuant to section 159 of the Accident Rehabilitation and Compensation Insurance Act 1992, I hereby direct the Corporation that:

Employers’ Account

a. The Corporation shall account for the funds collected under the Accident Rehabilitation and Compensation Insurance (Employment Premiums) Regulations 1997 in two parts:
i. “Employers’ Account Part A Funds”—That part of the premium required to fund the pay-as-you-go costs and 6 months reserves (an average of $1.70 per $100 of liable earnings); and
ii. “Employers’ Account Part B Funds”—That part of the premium collected to reduce the unfunded liability (an average of $0.65 per $100 of liable earnings)

b. Employers’ Account Part A Funds are required to be identified separately from Employers’ Account Part B Funds by premium group. Investment income from each Part’s Funds is to be credited to the appropriate Fund.

Earners’ Account

c. The Corporation shall account for the funds collected under the Accident Rehabilitation and Compensation Insurance (Earner Premium) Regulations 1997 in two parts:
i. “Earners’ Account Part A Funds”—That part of the premium required to fund the pay-as-you-go costs and 6 months reserves ($0.7111 per $100 of liable earnings); and
ii. “Earners’ Account Part B Funds”—That part of the premium collected to reduce the unfunded liability ($0.3556 per $100 of liable earnings).

d. Earners’ Account Part A Funds are required to be identified separately from Earners’ Account Part B Funds. Investment income from each Part’s Funds is to be credited to the appropriate Fund.

General

e. Employers’ Account Part B and Earners’ Account Part B funds are to be held for meeting the future costs of current claims.

f. This policy direction will terminate when revoked by the Minister.

Dated at Wellington this 23rd day of April 1998.

Hon. MURRAY McCULLY, Minister for ARCI.

go2869

Transport

Civil Aviation Act 1990

Notice of Variation of Scheduled International Air Service Licences

Pursuant to section 87Q (4) of the Civil Aviation Act 1990, and a delegation from the Secretary for Transport dated 28 August 1996, I give notice that I have varied, with effect from 1 May 1998, the Scheduled International Air Service Licences held by Qantas Airways Limited and Ansett International Limited to:

(i) remove the requirement that nature of service filings in respect of terminating services be authorised;

(ii) remove the requirement that tariffs for carriage between Australia and New Zealand be approved; and

(iii) remove condition 8 relating to costs associated with the use of provincial airports in New Zealand.

Signed at Wellington this 24th day of April 1998.

J. G. BRADBURY, General Manager International Relations, Ministry of Transport.

go2019