New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 103A

103A Approval of insurance and insurers

(1) The Minister may, after consultation with the Scheme Board, approve a kind of insurance, or an insurer, for the purposes of this Part. An approval may be unconditional or subject to conditions.

(2) The Minister may, after consultation with the Scheme Board, by written notice to the insurer concerned, revoke or vary an approval.

(3) The approval of an insurer under this section is subject to:

(a) any conditions that may be prescribed by the regulations, and

(b) any conditions (not inconsistent with the regulations) that may be imposed by the Minister.

(4) In addition, it is a condition of the approval of an insurer under this section that the insurer keeps a written or electronic record of all contracts of insurance issued under this Part and the addresses of the premises covered by those contracts of insurance and such other matters as may be prescribed by the regulations. That record must be made available for inspection at any reasonable time and on payment of a fee approved by the Director-General for that purpose.

(5) The Minister may, on behalf of the State, enter into an agreement under seal from time to time with insurers approved, or seeking approval, for the purposes of this Part with respect to the provision by the insurers of home warranty insurance (an "insurance industry deed") and may agree to the revocation or variation of such an agreement.