New rules for home building compensation insurers
The State Insurance Regulatory Authority (SIRA) proposes to make new guidelines that will regulate matters such as insurance premiums, eligibility of businesses to buy insurance, handling of insurance claims made by homeowners and some other matters.
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The Issue
Consultation period: 19/01/2023 12:00 pm to 31/03/2023 11:59 pm
Closing date extended
This consultation has been extended until Friday 31 March 2023.What is this about?
The guidelines are proposed to apply to the current sole insurer of home building compensation insurance: the NSW Self Insurance Corporation trading as ‘icare HBCF’. The guidelines would also apply to any APRA-authorised insurer that may join the scheme in future.
We invite you to read the draft guidelines and give us your feedback.
What's happened so far?
SIRA committed to reviewing its insurance guidelines and consult on them during 2022, as part of the NSW Government response to a review of the home building compensation scheme that was done by the Independent Pricing and Regulatory Tribunal.
What are the changes?
The proposed guidelines are consolidated into a single regulatory document. They update the regulatory obligations of icare HBCF and impose different obligations on any APRA-authorised insurers that may enter the scheme in future.
The draft guidelines are available below.
A summary of changes is provided detailing the changes to the current guidelines and the rationale behind those changes is also below.
Next steps
We will use the feedback we receive to inform changes to the guidelines before they are made and published on the NSW Legislation website.
You can provide your feedback by:
- emailing us
- using the below online submission form.
The consultation period ends at 11:59pm on Friday, 31 March 2023.
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Milestones
The consultation period commences on Thursday, 19 January 2023 at 12pm and ends Friday, 31 March at 11:59pm.