(1) A compensator who pays an amount equal to the total amount of the recoverable benefits to the Minister in accordance with section 343R may reduce the relevant compensation payment payable to the injured person by that amount and shall notify the injured person accordingly.
(2) The compensation payment, other than the relevant compensation payment, payable by a compensator to an injured person shall not be reduced by the compensator where the total amount of the recoverable benefits exceeds the amount of the relevant compensation payment payable to an injured person.