(1) The Minister may, by regulations, prescribe the discount rate that shall apply for the purposes of the assessment of damages in respect of future financial loss.

(2) Regulations under subsection (1) may prescribe different rates in respect of different classes of financial loss or different periods of time.

(3) The court may apply a discount rate other than the rate prescribed under subsection (1) if it considers that the application of the rate prescribed would result in injustice being done.

(4) In this section "discount rate" means, in relation to the assessment of damages by a court, the rate commonly referred to by that name that is applied by the court for the purpose of determining the current value of any future financial loss.