(1) There is established a fund to be known as the "Workers Compensation Insurance Fund".
(2) The assets of the Insurance Fund are subject to a statutory trust to be held on trust for the purposes to which assets of the Insurance Fund are authorised or required to be applied by or under this Act and for the benefit of workers and employers as provided by this Act.
(3) The Nominal Insurer is responsible for managing the operation of the Insurance Fund, including the investment of the assets of the Insurance Fund. The assets of the Insurance Fund may be invested in such manner as the Nominal Insurer thinks fit, subject to the investment strategies determined by ICNSW under the State Insurance and Care Governance Act 2015 .
(4) Employers are entitled to participate in the distribution of any surplus in the Insurance Fund, and are responsible for meeting any deficit in the Insurance Fund, by means of the fixing of premiums, levies and contributions as provided by this Act.
(5) The assets of the Insurance Fund cannot be applied for the purpose of enabling any payment as a dividend to the credit of the Consolidated Fund, whether by virtue of a direction of the Minister under this Act or the 1998 Act or pursuant to a requirement under section 5.4 of the Government Sector Finance Act 2018 , or otherwise.
(6) For the purposes of this Act and any other Act or law, each of the State, the Nominal Insurer, ICNSW and any authority of the State--(a) has no beneficial interest in or entitlement to the assets of the Insurance Fund, and(b) has no liability to meet any deficit in the Insurance Fund and no entitlement to any surplus in the Insurance Fund, and(c) is not trustee of the Insurance Fund.
(7) The regulations may make provision for or with respect to the manner in which the financial statements of, or relating to, the Insurance Fund are to be prepared.