Any award of victims’ compensation made pursuant to this chapter shall be reduced by the amount of any payment received, or to be received, by the victim from any collateral source as a result of the conduct giving rise to the application for compensation. For purposes of this section, the term, collateral source, means a source of income or other benefits or advantages for economic loss which is otherwise compensable under the provisions of this chapter and which the victim or claimant has received, or which is readily available from:

(1) The offender or any third party who is liable for the offender’s conduct;

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(2) The government of the United States or any agency thereof, a state or any of its political subdivisions, or an instrumentality of two or more states, unless the law providing for such benefits mandates that they be excess or secondary to benefits available under this chapter;

(3) Social security, medicare, and medicaid;

(4) Temporary nonoccupational disability insurance;

(5) Workers compensation;

(6) Any wage continuation program of an employer;

(7) Any proceeds of a contract of insurance payable to the victim for economic loss sustained as a result of the crime; or

(8) Any contract providing prepaid hospital or other health care services or benefits for disability.

Source: SL 1991, ch 201, § 22.