The Act of 1961 is amended by the substitution of the following section for section 51L:

"51L.

(1) A periodic payments order shall provide for the amount of a payment under the order to be adjusted annually by reference to an index specified in regulations made under subsection (2) (in this Part referred to as a 'periodic payments index').

(2) The Minister shall, with the consent of the Minister for Finance, make regulations specifying an index for the purposes of this section and without prejudice to the generality of the foregoing, regulations under this section may make provision for the following matters:

(a) the specification of different indices for different goods and services in respect of which a periodic payments order may be made;

(b) a fixed percentage increase for the purposes of providing that the amount of a payment under a periodic payments order reflects the rate of inflation, including wage inflation, in the State;

(c) such incidental, supplementary and consequential provisions as appear to the Minister to be necessary or expedient for the purposes of the regulations.

(3) The Minister shall, in making regulations under subsection (2), have regard to -

(a) the relevance of the goods and services on which an index is based to the loss or expenditure, including cost of care and medical expenses, for which plaintiffs who are the subject of periodic payments orders are compensated,