New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2004 - REG 62A

62A Time within which insurer taken to have accepted claim

(1) Provision to be contained in insurance contract An insurance contract entered into on or after 1 September 2005 must contain a provision to the effect that an insurer is taken to have accepted liability for an insurance claim if written notice of the insurer’s decision in relation to the claim is not given to the beneficiary within:

(a) 90 days of the lodging of the claim with the insurer, or

(b) such further time as may be agreed between the beneficiary and the insurer.

(2) Existing stock Despite subclause (1), an insurance contract that does not contain the provision referred to in that subclause may be entered into on or after 1 September 2005 if the form on which that contract is printed was in existence before 1 September 2005.

(3) Such a contract is taken to contain the provision referred to in subclause (1).