New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 104E

104E Insurance Guidelines relating to alternative indemnity products

(1) The Authority may issue Insurance Guidelines with respect to the following matters--

(a) the requirements for approval of an alternative indemnity product,

(b) the determination of premiums or other charges for provision of cover by means of alternative indemnity products, including any matter of a kind specified in section 103BD(2),

(c) appropriate market practices or claims handling procedures (or both) in connection with the provision of alternative indemnity products by a licensed provider,

(d) prudential standards and the application of those standards to licensed providers,

(e) alternative indemnity products, including eligibility requirements for obtaining cover and underwriting of products,

(f) the review of compliance with any such eligibility requirements.

(2) An Insurance Guideline issued for the purposes of this Act in relation to a provider or an alternative indemnity product may be referred to as an
"AIP Guideline" .