24   Workers compensation funds

(1)  All premiums and other money received by the workers compensation company under any workers compensation insurance scheme established, administered or provided by that company, and any other money received by the company for the purposes of the scheme (including, but not limited to, money received under subsection (2)), must be applied:

(a)  to pay any sum required to be paid by the company under any workers compensation scheme established, administered or provided by it, and

(b)  to pay any expenses incurred in the management and administration of any such scheme, and

(b1)  to pay, to the Minister administering the District Court Act 1973, such of the costs of operation of the District Court relating to a coal miner matter under section 105 of the Workplace Injury Management and Workers Compensation Act 1998, being costs incurred after 30 June 2005, as the Minister administering the District Court Act 1973 and the Minister administering this Act agree are to be paid from those premiums and that money, and

(c)  to pay for the provision of work health and rehabilitation services, and

(d)  for such other purposes related to the coal industry, to the company’s welfare functions or to workers formerly engaged in the coal industry as may be approved by the Minister.

(2)  If the workers compensation company is satisfied (from the results of an actuarial investigation or from other information) that there is an overall deficit in the funds to be applied for the purposes specified in subsection (1), the workers compensation company may, by notice in writing to each employer in the coal industry in the State, require the employer to pay to the company a contribution of such amount as the company may determine and specify in the notice.

(3)  The contribution is payable:

(a)  in respect of the financial year specified in the notice, and

(b)  at such time as is so specified.