New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 103OB

103OB Contributions to Home Building Insurers Guarantee Fund

(1) Licensed insurers are to pay contributions to the Home Building Insurers Guarantee Fund in respect of a relevant period, and of an amount, determined by the Authority. Contributions are to be made in accordance with the arrangements prescribed by the regulations.

(2) The Authority is to have regard to the sufficiency of the Fund to manage the risk of insurers becoming insolvent when determining the contribution payable to the Fund by licensed insurers for a relevant period.

(3) It is a condition of the licence of a licensed insurer that the insurer pay contributions in accordance with this section.

(4) A
"relevant period" is a financial year or any other period that the Authority determines from time to time to be a relevant period for the purposes of this section. Relevant periods can be determined so as to overlap but there must be no gap between successive relevant periods and each relevant period must not be longer than 12 months.

(5) The Authority may determine different contributions for different classes of licensed insurers and may determine that a licensed insurer or class of licensed insurers is not liable to pay a contribution in respect of a relevant period.

(6) A contribution that is payable under this section may be recovered by the Authority in a court of competent jurisdiction as a debt due to the Authority.

(7) In this section--

"financial year" means a year commencing on 1 July.