AQW 9320/22-27

Mr John Blair
Alliance Party
South Antrim

Tabled Date: 21/03/2024
Answered On Date: 26/03/2024
Priority Written: No

Question:
To ask the Minister of Justice whether she plans to review the personal injury discount rate in July 2024.

Answer:

The Damages (Return on Investment) Act (Northern Ireland) 2022 amended the Damages Act 1996 to assign the task of reviewing and setting the rate to the Government Actuary, provide a statutory methodology for calculating the rate and establish a timeframe for review of the rate. Under the legislation, a review of the rate must be started by the Government Actuary on 1 July 2024 and be completed within 90 days. In anticipation of that, my Department is presently considering whether any modifications are required to the statutory parameters according to which the rate is set by the Government Actuary and if required, will bring forward draft regulations for approval by the Assembly.