New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 103BE

103BE Premiums

(1) A licensed insurer must not charge an insurance premium for a contract of insurance required to be entered into by or under this Part, except in accordance with this Part.

(2) The licensed insurer must file with the Authority a premium or set of premiums it proposes to charge.

(3) The licensed insurer may, on and from the proposed commencement date for the premium, charge a premium that has not been rejected by the Authority within the period allowed under this section for rejecting a premium. Except as provided by section 103BG, the insurer must not charge any other premium on and from that proposed commencement date.

(4) The proposed commencement date for a premium is the date specified in a filed premium as the date on and from which the proposed premium will be charged. The proposed commencement date cannot be earlier than the end of the period allowed for rejecting a premium but can be changed (with notice to the Authority) to accommodate a change in the period allowed for rejecting a premium.

(5) The period allowed for rejecting a premium is the period specified in the Insurance Guidelines.

(6) A premium may only be rejected as provided by this section or section 103BG.