State Government Insurance Commission Act 1986 (WA)

Western Australia Insurance Commission of Western Australia Act 1986 Western Australia Insurance Commission of Western Australia Act 1986 Contents Part I — Preliminary 1. Short title 1 2. Commencement 1 3. Terms used 1 3A. Eligible community organisations 1 Part II — Insurance Commission of Western Australia Division 1 — The Commission and the board of commissioners 4. Insurance Commission of Western Australia: corporate identity and status 1 4A. Agent of Crown 1 5. Board of commissioners 1 Division 2 — Functions and powers of the Commission 6. Functions 1 7. Powers 1 8. Commission to act efficiently and economically 1 9. Delegation 1 10. Directions by Minister 1 10A. Minister to have access to information 1 10B. Confidential information 1 Division 3 — Staff of the Commission 11. Managing director 1 12. Appointment of staff and consultants 1 12A. Status of managing director and officers and employees of Commission 1 13. Use of staff and facilities of departments and instrumentalities 1 13A. Use of staff and facilities of insurer 1 14. Superannuation 1 Division 3A — Strategic development plan and statement of corporate intent 14A. Duty to observe policy instruments 1 14B. Strategic development plan and statement of corporate intent 1 14C. Laying directions about strategic development plan or statement of corporate intent before Parliament 1 Division 4 — Financial provisions relating to the Commission Subdivision A — Income, expenditure and property of the Commission 15. Moneys available to Commission 1 16. Establishment and composition of Funds 1 17. Apportionment of income, expenditure and assets 1 18. Transfer between Funds 1 Subdivision Aa — Investment and property management 19. Arrangements for appointment of investment managers 1 19A. Investment policy 1 Subdivision B — Financial administration, audit and reporting 20. Application of Financial Management Act 2006 and Auditor General Act 2006 to Commission 1 21. Provisions and reserves 1 22. Accounts 1 23. Annual reports, financial statements 1 Subdivision C — Borrowing and financial accommodation 24. Power to borrow etc., generally 1 25. Power to make provision to pay off loans 1 26. Borrowing power, from Treasury sources 1 27. Specific State guarantees 1 Subdivision D — Dividends to State 28. Interim dividend 1 29. Annual dividend 1 30. Provisions for s. 28 and 29 1 31. Transitional provisions for Insurance Commission of Western Australia Amendment Act 2013: interim dividends 1 32. Transitional provisions for Insurance Commission of Western Australia Amendment Act 2013: annual dividends 1 Part IV — General 42. Secrecy 1 43. Execution of documents and entry into contracts 1 45. Regulations 1 Part V — Repeal, amendments, saving, validation and transitional 46. Repeal and amendments 1 47. Saving, validation and transitional provisions 1 48. Oversight by Public Accounts Committee 1 49. Transitional 1 Schedule 1 — Provisions as to commissioners 1. Terms used 1 2. Commissioners — terms and vacation of office 1 3. Alternate commissioners 1 4. Chairman and deputy chairman — term and vacation of office 1 5. Disclosure of pecuniary interests 1 6. Meetings 1 6A. Telephone and video meetings 1 7. Committees 1 8. Resolution may be passed without meeting 1 8A. Minutes of meetings etc. 1 9. Leave of absence 1 10. Board to determine own procedures 1 11. Protection of commissioners 1 Schedule 4 — Saving, validation and transitional provisions 1. Terms used 1 2. Transfer of assets, liabilities and records of MVIT 1 3. MVIT insurance policies 1 4. Agreements, instruments, determinations and proceedings generally 1 5. Final reports on operations of MVIT 1 6. Assessment as to sufficiency of income 1 7. Employment of current officers 1 8. References to MVIT in laws 1 9. Transfer of assets, liabilities and records of SGIO 1 10. SGIO insurance policies and re‑insurance 1 11. Agents and brokers 1 12. Agreements, instruments and proceedings generally 1 13. Final reports on operations of SGIO 1 14. Certain outstanding obligations to be met by Commission 1 15. Saving of presumption and protection 1 16. Employment of staff of SGIO 1 17. References to the SGIO in laws 1 18. Apportionment of assets and liabilities 1 19. Interpretation Act to apply 1 Notes Compilation table 1 Uncommenced provisions table 1 Other notes 1 Defined terms Western Australia Insurance Commission of Western Australia Act 1986 An Act to provide for the constitution and functions of the Insurance Commission of Western Australia, and for related purposes. [Long title inserted: No. 45 of 1996 s. 4.] Part I — Preliminary 1. Short title This Act may be cited as the Insurance Commission of Western Australia Act 1986. [Section 1 amended: No. 45 of 1996 s. 5.] 2. Commencement The provisions of this Act shall come into operation on such day as is, or days as are respectively, fixed by proclamation. 3. Terms used In this Act, unless the contrary intention appears — board of commissioners means the governing body of the Commission provided for by section 5(1); borrow includes — (a) reborrow; and (b) obtain credit; and (c) arrange for financial accommodation; business undertaking includes any person, corporation, trust, joint venture, government agency or other entity engaging or intending to engage in economic activity; Commission means the body continued by section 4 under the corporate name "Insurance Commission of Western Australia"; Commission account means a Fund, a fund established under section 7(4)(a) or a trust of which the Commission is a trustee under section 7(4)(c); commissioner means — (a) a person appointed to the board of commissioners under section 5(1)(a), including the chairman and the deputy chairman of the board of commissioners; or (b) the managing director; community organisation means — (a) an association incorporated, or taken to be incorporated, under the Associations Incorporation Act 2015; or (b) a company limited by guarantee that is registered under section 150 of the Corporations Act 2001 of the Commonwealth; or (c) a company holding a licence that continues in force under section 151 of the Corporations Act 2001 of the Commonwealth; eligible community organisation has the meaning given in section 3A; Fund means a fund established under section 16; insurance includes assurance, co‑insurance, re‑insurance, guarantee and surety; insurer means a corporation carrying on business under the Insurance Act 1973 or the Life Insurance Act 1945 1 of the Commonwealth or under each of those Acts; managing director means the chief executive officer of the Commission appointed under section 11; policy includes contract; public authority means — (a) a department of the Public Service; or (b) an agency, authority or instrumentality of the Crown in right of the State; or (c) a body, whether corporate or unincorporate, that is established or continued for a public purpose under a written law, other than a body, or a body of a class, that is excluded by regulation from the operation of this definition; risk management does not include the management of risks associated with an investment; Treasurer means the Treasurer of the State. [Section 3 amended: No. 45 of 1996 s. 6; No. 34 of 2002 s. 4; No. 30 of 2015 s. 219.] 3A. Eligible community organisations (1) A community organisation is an eligible community organisation for the purposes of this Act if the Treasurer has made a determination under subsection (2) in respect of the organisation or a class of organisations of which it is a member. (2) The Treasurer may determine that an organisation, or all organisations of a particular class, is or are eligible to participate in an arrangement managed and administered by the Commission for the insurance and risk management of eligible community organisations. [Section 3A inserted: No. 34 of 2002 s. 5.] Part II — Insurance Commission of Western Australia [Heading inserted: No. 45 of 1996 s. 7.] Division 1 — The Commission and the board of commissioners [Heading inserted: No. 45 of 1996 s. 7.] 4. Insurance Commission of Western Australia: corporate identity and status (1) The body corporate established under this section as enacted before the commencement of section 8 of the Acts Amendment (ICWA) Act 1996 is continued under the corporate name "Insurance Commission of Western Australia" without affecting its corporate identity or its rights and obligations. (2) The Commission is a body corporate with perpetual succession and a common seal. (3) Proceedings may be taken by or against the Commission in its corporate name. (4) The Commission may use and operate under one or more trading names approved by the Minister being — (a) an abbreviation or adaptation of its corporate name; or (b) a name other than its corporate name. [Section 4 inserted: No. 45 of 1996 s. 8.] 4A. Agent of Crown The Commission is an agent of the Crown in right of the State and has the status, immunities and privileges of the Crown except as otherwise prescribed. [Section 4A inserted: No. 45 of 1996 s. 8.] 5. Board of commissioners (1) The Commission shall have a board of commissioners comprising — (a) not less than 3 or more than 6 persons appointed as commissioners by the Governor on the nomination of the Minister; and (b) the managing director who shall be a commissioner ex officio. (2) One of the commissioners referred to in subsection (1)(a) shall be appointed by the Governor on the nomination of the Minister to be chairman of the board of commissioners and another of those commissioners shall be so appointed to be deputy chairman of the board of commissioners. (3) The board of commissioners is the governing body of the Commission with authority, in the name of the Commission, to exercise and perform the powers, functions and duties conferred or imposed on the Commission under this Act. (4) Schedule 1 shall have effect with respect to the board of commissioners and the commissioners and with respect to the acts, proceedings and determinations of the board of commissioners. (5) A commissioner referred to in subsection (1)(a) shall be paid out of the funds of the Commission such remuneration and travelling and other allowances as are determined in the case of that commissioner by the Minister on the recommendation of the Public Sector Commissioner. [Section 5 amended: No. 45 of 1996 s. 9; No. 39 of 2010 s. 89.] Division 2 — Functions and powers of the Commission 6. Functions The functions of the Commission are — (a) to issue, or cause to be issued, and undertake liability under policies of insurance as required by the Motor Vehicle (Third Party Insurance) Act 1943; and (aa) to manage and administer, and monitor the operation of, the catastrophic injuries support scheme as defined in the Motor Vehicle and Workplace Accidents (Catastrophic Injuries) Act 2016 section 3(1); and (b) to undertake liability under policies of insurance issued by the Commission as required by the Workers' Compensation and Injury Management Act 1981 section 163, being liabilities arising in respect of employment before the Workers Compensation and Injury Management Act 2023 section 615 comes into operation; and (c) to manage and administer insurance and risk management arrangements on behalf of public authorities; and (ca) to manage and administer insurance and risk management arrangements on behalf of eligible community organisations; and (d) to provide services, facilities and advice to public authorities in respect of the management of claims against them or against funds maintained or administered by them under any written law; and (e) to initiate, or participate in, and promote programmes and schemes for — (i) research into the treatment of personal injury; and (ii) research into, education for, and promotion of public awareness relating to, the prevention of personal injury and accidental death, being programmes and schemes relevant to risks in respect of which the Commission is to provide insurance under paragraph (a) or manage and administer arrangements under paragraph (c) or (ca); and (f) to provide advice to the Government on matters relating to insurance and risk management; and (g) to invest and manage moneys and other property under its control; and (h) to do such other acts and things or engage in such other activities as it is authorised or required to do or engage in under any written law. [Section 6 amended: No. 49 of 1992 s. 28; No. 45 of 1996 s. 10; No. 34 of 2002 s. 6; No. 42 of 2004 s. 174; No. 8 of 2009 s. 79(2); No. 8 of 2016 s. 40; No. 21 of 2023 s. 642.] 7. Powers (1) The Commission has power to do, in the State or elsewhere, all things necessary or convenient to be done for or in connection with the performance of its functions. (2) Without limiting the generality of subsection (1), the powers of the Commission referred to in that subsection include power — (a) with the approval of the Treasurer, to borrow moneys in accordance with this Act and give or arrange security for such borrowings; and (aa) to fix and collect such fees, charges or other payments as it considers appropriate for or in respect of services it provides; and (b) to lend moneys and provide credit; and (c) with the approval of the Treasurer and subject to such terms and conditions as the Treasurer may approve, to open, maintain and operate accounts in the name of the Commission with such bank or banks as the Treasurer may approve for the purposes of section 16(7) and for such other purposes as the Treasurer may approve; and (d) to issue, draw, make, accept, endorse, and discount bills of exchange and promissory notes; and (e) to acquire, hold, lease, sublease, license, exploit, encumber, deal in, dispose of, divide, subdivide, improve, develop or alter property or do anything else that a natural person could do in respect of property; and (f) to form or establish, or participate in the formation or establishment of, any business undertaking; and (g) to subscribe for, invest in or otherwise acquire any investment and to deal in or dispose of any investment; and (h) to enter into a partnership or an arrangement for sharing of profits; and (i) to underwrite issues of shares in, or debentures or other securities of, any business undertaking; and (j) to appoint or engage agents, custodians, brokers and attorneys; and (k) to exercise any right conferred upon the Commission to appoint a director of, or hold office in, a business undertaking; and (l) to establish advisory groups and act on the advice of such groups; and (m) to act as agent for other persons or public authorities; and (n) to do and suffer in relation to insurance policies that it has issued or caused to be issued, all such acts and things as an insurer may do and suffer in the course of carrying on business; and [(o) deleted] (p) to do anything incidental to any of its powers. (3) For the purposes of section 6(b), the Commission is taken to be a licensed insurer under the Workers Compensation and Injury Management Act 2023. (4) Without limiting subsection (1) or (2), the Commission has power to arrange reinsurance of risks and, in relation to its functions under section 6(c) or (ca), has power — (a) to establish, manage and maintain any fund or funds (in addition to the Funds) for the management of insurance arrangements of, or for risk management for, public authorities or eligible community organisations; and (b) to arrange insurance of risks for public authorities or eligible community organisations; and (c) to act as trustee of any trust. (5) The Commission's powers of investment include — (a) power to invest in real or personal property of any kind; and (b) power to be a party to any financial instrument or arrangement that relates to any investment and is, in the opinion of the board of commissioners, for the purpose of managing, limiting or reducing perceived risks or anticipated costs associated with the investment. [Section 7 amended: No. 49 of 1992 s. 28; No. 45 of 1996 s. 11; No. 34 of 2002 s. 7; No. 42 of 2004 s. 174; No. 21 of 2023 s. 643.] 8. Commission to act efficiently and economically The Commission shall perform its functions and exercise its powers in an efficient and economic manner and shall use its best endeavours to ensure that its revenue is sufficient to meet its expenditure. 9. Delegation The board of commissioners, in the name and on behalf of the Commission, may, by instrument in writing approved by resolution, delegate to a commissioner, to a committee of the board of commissioners, or to an officer or employee of the Commission all or any of the powers or duties of the Commission, except this power of delegation. [Section 9 amended: No. 49 of 1992 s. 28.] 10. Directions by Minister (1) The Minister may give directions in writing to the Commission with respect to its functions, powers and duties, either generally or with respect to a particular matter, and the Commission shall give effect to those directions. (2) The text of any direction received by the Commission under subsection (1) shall be included in the annual report submitted by the accountable authority of the Commission under Part 5 of the Financial Management Act 2006. (3) Subsection (1) has effect subject to the Statutory Corporations (Liability of Directors) Act 1996. [Section 10 amended: No. 5 of 1989 s. 16; No. 41 of 1996 s. 3; No. 77 of 2006 Sch. 1 cl. 91(1).] 10A. Minister to have access to information (1) The Minister is entitled — (a) to have information in the possession of the Commission; and (b) where the information is in or on a document, to have, and make and retain copies of, that document. (2) For the purposes of subsection (1) the Minister may — (a) request the Commission to furnish information to the Minister; (b) request the Commission to give the Minister access to information; (c) for the purposes of paragraph (b) make use of the staff and facilities of the Commission to obtain the information and furnish it to the Minister. (3) The Commission is to comply with a request under subsection (2) and make its staff and facilities available to the Minister for the purposes of paragraph (c) of that subsection. (4) In this section — document includes any tape, disc or other device or medium on which information is recorded or stored mechanically, photographically, electronically or otherwise; information means information specified, or of a description specified, by the Minister that relates to the functions of the Commission; staff includes persons whose services are used under section 13. [Section 10A inserted: No. 45 of 1996 s. 12.] 10B. Confidential information (1) Nothing in this Act entitles the Minister to have information in the possession of the Commission concerning the affairs of the Commission in a form that — (a) discloses the identity and affairs of any person who is or has been a customer of the Commission in the person's capacity as such a customer; or (b) might enable the identity and affairs of any such person in that capacity to be ascertained. (2) Subsection (1) does not apply where disclosure of the information — (a) is required by some other written law; or (b) is authorised by the customer. (3) In this section — Commission includes the State Government Insurance Office established by the State Government Insurance Office Act 1938 2 and the Motor Vehicle Insurance Trust constituted by the Motor Vehicle (Third Party Insurance) Act 1943; customer means a person who is or may become a current or former insured party of, or a claimant against, the Commission and an agent, broker or attorney appointed or engaged by the Commission. [Section 10B inserted: No. 45 of 1996 s. 12.] Division 3 — Staff of the Commission 11. Managing director (1) There shall be an office of managing director of the Commission. (2) The managing director shall be the chief executive officer of the Commission and shall, subject to the control of the board, administer the day to day operations of the Commission. (3) The managing director shall be appointed by the Governor on the nomination of the Minister. (4) Subject to subsections (6) and (7) the managing director shall hold office for such period, not exceeding 5 years, as is specified in the instrument appointing him and is eligible for reappointment. (5) Subject to the Salaries and Allowances Act 1975, the remuneration and allowances payable to, and the conditions of service of, the managing director shall be such as are determined by the Minister on the recommendation of the Public Sector Commissioner. (6) The managing director may resign his office by notice in writing delivered to the Minister. (7) The managing director may be removed from office by the Governor for any reason mentioned in clause 2(4) of Schedule 1. (8) The Minister may appoint a person to act in place of the managing director during any period when he is absent or unable to carry out his duties. [Section 11 amended: No. 39 of 2010 s. 89.] 12. Appointment of staff and consultants (1) The Commission may appoint such officers and employees, either full‑time or part‑time, as the board considers necessary to enable the Commission to carry out its functions. (2) Subject to any relevant order, award or agreement under the Industrial Relations Act 1979, the Commission may determine the remuneration and other terms and conditions of service of its officers and employees. (3) The Commission may from time to time classify the positions to be held by officers and employees of the Commission and define the duties to be performed by the respective holders of those positions. (4) The Commission may engage under contract for services such professional and technical or other assistance as the board considers necessary to enable the Commission to carry out its functions. [Section 12 amended: No. 45 of 1996 s. 13.] 12A. Status of managing director and officers and employees of Commission Notwithstanding anything in this Division, to the extent that there is in the case of a person who is appointed under — (a) section 11 to be the managing director; or (b) section 12 to be an officer or employee of the Commission, and who is a member of the Senior Executive Service within the meaning of the Public Sector Management Act 1994 3 an inconsistency between this Act and that Act that Act shall prevail. [Section 12A inserted: No. 113 of 1987 s. 32.] 13. Use of staff and facilities of departments and instrumentalities (1) The Commission may, by arrangement made between the board of commissioners and the Minister concerned, and on such terms and conditions as may be mutually arranged with that Minister and, if appropriate, with the relevant employing authority within the meaning of the Public Sector Management Act 1994, make use, either full‑time or part‑time, of — (a) the services of any officer or employee employed in the Public Service of the State or in a State instrumentality or otherwise in the service of the Crown in the right of the State; or (b) any facilities of a department of the Public Service of the State or of a State instrumentality. (2) Any such arrangement shall provide for an agreed amount by way of payment for the use of the services or facilities. [Section 13 amended: No. 32 of 1994 s. 19.] 13A. Use of staff and facilities of insurer The Commission may arrange to make use, either full‑time or part‑time, of — (a) the services of any employee of an insurer; or (b) any services or facilities of an insurer, on such terms and conditions (including payment) as may be mutually arranged by the board of commissioners with that insurer. [Section 13A inserted: No. 49 of 1992 s. 28.] 14. Superannuation (1) The Commission may grant, or make provision for the grant of, pensions, gratuities and retirement benefits to its officers and employees and, for that purpose may establish, manage and control, or enter into an arrangement with an insurer or other person for the establishment, management and control by that insurer or other person either alone or jointly with the Commission of, any fund or scheme for the purpose of providing for such pensions, gratuities and benefits. (2) The Commission may make contributions to any fund or scheme referred to in subsection (1). (3) In subsection (1) officers and employees includes — (a) dependants of officers and employees; and (b) former officers and employees and their dependants. [Section 14 amended: No. 49 of 1992 s. 28.] Division 3A — Strategic development plan and statement of corporate intent [Heading inserted: No. 28 of 2006 s. 425.] 14A. Duty to observe policy instruments The Commission is to perform its functions in accordance with its strategic development plan and its statement of corporate intent as existing from time to time. [Section 14A inserted: No. 28 of 2006 s. 425.] 14B. Strategic development plan and statement of corporate intent (1) The board of commissioners must, at the prescribed times, prepare and submit to the Minister — (a) a strategic development plan for the Commission; and (b) a statement of corporate intent for the Commission. (2) The regulations may make provision for the following — (a) the manner and form in which the board of commissioners is to prepare, submit, revise or modify a strategic development plan or statement of corporate intent; (b) the period a strategic development plan or statement of corporate intent is to cover; (c) the matters to be set out in a strategic development plan or statement of corporate intent; (d) the functions of the board of commissioners, the Minister and the Treasurer in relation to the development, approval or modification of a strategic development plan or statement of corporate intent; (e) the operation of a strategic development plan or statement of corporate intent. (3) If a regulation referred to in subsection (2) enables the Minister to give directions to the board of commissioners, the Minister must cause a copy of a direction given under the regulation to be laid before each House of Parliament or be dealt with in accordance with section 14C — (a) within 14 days after the direction is given; or (b) if the direction is the subject of a notice under section 17 of the Statutory Corporations (Liability of Directors) Act 1996, within 14 days after it is confirmed under that section. (4) Regulations referred to in subsection (2) are not to be made except with the Treasurer's concurrence. [Section 14B inserted: No. 28 of 2006 s. 425.] 14C. Laying directions about strategic development plan or statement of corporate intent before Parliament (1) If — (a) a House of Parliament is not sitting at the commencement of the applicable period referred to in section 14B(3) in respect of a direction; and (b) the Minister is of the opinion that that House will not sit during that period, the Minister is to transmit a copy of the direction to the Clerk of that House. (2) A copy of a direction transmitted to the Clerk of a House is to be taken to have been laid before that House. (3) The laying of a copy of a direction that is regarded as having occurred under subsection (2) is to be recorded in the Minutes, or Votes and Proceedings, of the House on the first sitting day of the House after the Clerk received the copy. (4) The text of a direction referred to in section 14B(3) is to be included in the annual report submitted by the accountable authority of the Commission under Part 5 of the Financial Management Act 2006. [Section 14C inserted: No. 28 of 2006 s. 425; amended: No. 77 of 2006 Sch. 1 cl. 91(2).] Division 4 — Financial provisions relating to the Commission Subdivision A — Income, expenditure and property of the Commission 15. Moneys available to Commission (1) Subject to this Act the Commission shall be responsible for managing its own finances. (2) The moneys available to the Commission for the purposes of this Act are — (a) moneys from time to time appropriated by Parliament for the purpose; and (b) moneys received by the Commission, pursuant to any written law, by way of premiums, charges, fees, interest or payment for services; and (ba) contributions credited to the Motor Vehicle and Workplace Accidents (Catastrophic Injuries) Fund as required under the Workers Compensation and Injury Management Act 2023 Part 5 Division 11; and (bb) any amount credited to the Motor Vehicle and Workplace Accidents (Catastrophic Injuries) Fund under the Workers Compensation and Injury Management Act 2023 section 301; and (c) moneys derived from the disposal of or dealing with real or personal property vested in or acquired by the Commission, or derived as the income of investment by the Commission or otherwise in the exercise of its functions; and [(d) deleted] (e) moneys borrowed under this Act, or lent to the Commission under any other written law, or derived from financial accommodation entered into under and subject to this Act; and (f) such moneys as may be advanced by the Treasurer in any case where the moneys otherwise standing to the credit of any of the Funds would be insufficient; and (g) any other moneys lawfully received by the Commission. [Section 15 amended: No. 45 of 1996 s. 14; No. 21 of 2023 s. 644.] 16. Establishment and composition of Funds (1) The Commission shall establish, maintain and administer the following funds, namely — (a) a fund to be called the "Third Party Insurance Fund"; and (b) a fund to be called the "Motor Vehicle and Workplace Accidents (Catastrophic Injuries) Fund"; and (c) a fund to be called the "Compensation (Industrial Diseases) Fund"; and (d) a fund to be called the "Government Insurance Fund"; and (e) a fund to be called the "Insurance Commission General Fund". (1a) The Commission may establish, maintain and administer a fund for the purposes of an arrangement managed and administered by the Commission for the insurance and risk management of eligible community organisations. (2) The Third Party Insurance Fund shall consist of — (a) moneys appropriated for, or derived from or in connection with, the Commission's functions under section 6(a) or its functions under section 6(e) in so far as they relate to personal injury and accidental death; and (b) other property received or acquired by the Commission in connection with the Commission's functions referred to in paragraph (a); and (c) moneys or other property credited, apportioned or transferred to that Fund under section 17 or 18, and, subject to section 18, may be applied for the purpose of carrying out the Commission's functions referred to in paragraph (a) and for that purpose only. (3) The Motor Vehicle and Workplace Accidents (Catastrophic Injuries) Fund shall consist of — (a) moneys appropriated for, or derived from or in connection with, the Commission's functions under section 6(aa) or its functions under section 6(e) in so far as they relate to personal injury; and (b) other property received or acquired by the Commission in connection with the Commission's functions referred to in paragraph (a); and (c) moneys or other property credited, apportioned or transferred to that Fund under section 17 or 18, and, subject to section 18, may be applied for the purpose of carrying out the Commission's functions referred to in paragraph (a) and for that purpose only. (4) The Compensation (Industrial Diseases) Fund shall consist of — (a) moneys appropriated for, or derived from or in connection with, the Commission's functions under section 6(b) or its functions under section 6(e) in so far as they relate to industrial diseases; and (b) other property received or acquired by the Commission in connection with the Commission's functions referred to in paragraph (a); and (c) moneys or other property credited, apportioned or transferred to that Fund under section 17 or 18, and, subject to section 18, may be applied for the purpose of carrying out the Commission's functions referred to in paragraph (a) and for that purpose only. (5) The Government Insurance Fund shall consist of — (a) moneys appropriated for, or derived from or in connection with, the Commission's functions under section 6(c) other than moneys in a fund established under section 7(4)(a) or the subject of a trust of which the Commission is a trustee under section 7(4)(c); and (b) other property received or acquired by the Commission in connection with the Commission's functions under section 6(c); and (c) moneys or other property credited, apportioned or transferred to that Fund by the Commission under section 17 or 18, and, subject to section 18, may be applied for the purpose of carrying out the Commission's functions under section 6(c) and for that purpose only. (5a) A fund established under subsection (1a) shall consist of — (a) moneys appropriated for, or derived from or i