New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 105X

105X Information and documents to be supplied to Authority by licence holders and former holders

(1) In this section--

"documents" includes returns and accounts furnished under the Corporations Law , the Corporations Act 2001 of the Commonwealth and the Insurance Act 1973 of the Commonwealth.

"licence holder" includes a former licence holder.

(2) The Authority may require a licence holder--

(a) to disclose to the Authority specified information relating to the business and financial position of the holder or of any corporation which is a related body corporate (within the meaning of the Corporations Act 2001 of the Commonwealth) or of any fund managed by the holder, or

(b) to forward to the Authority, or make available for inspection, specified documents, or copies of or extracts from specified documents, kept by the licence holder or by any corporation which is such a related body corporate.

(3) Subsection (2) extends to requiring--

(a) financial information that is or may be relevant to the consideration by the Authority of premiums filed by the licence holder under this Act, and

(b) information about claims dealt with by the licence holder and the handling of claims, including the cost of claims handling incurred by the holder and the settlement of claims by the holder, and

(c) information about building cover contracts entered into by the licence holder, and

(d) information required for the purposes of the register maintained by the Authority under section 102A, and

(e) information about other matters concerning the licence holder.

This subsection does not affect the generality of subsection (2) or any other provision of this Act regarding the obtaining of information by the Authority and does not limit any other manner in which the Authority may obtain information.

(4) A licence holder must forward to the Authority details of a claim under a building cover contract within the period specified for the purposes of this section by the Authority. A holder must forward any additional information reasonably required by the Authority for the purposes of the register kept under section 102A.

(5) A requirement under this section--

(a) must be made in writing and served on the licence holder, and

(b) must specify the manner in which and the time within which the requirement is to be complied with.

(6) The manner in which a requirement is to be complied with may include the supply to the Authority of a certificate by a registered tax agent, a registered company auditor (within the meaning of the Corporations Act 2001 of the Commonwealth) or an actuary approved by the Authority as to the correctness of any specified information or specified documents (or copies of or extracts from specified documents).

(7) Unless the licence holder satisfies the court that it is not within its power to comply with the requirement, a holder that fails to comply with a requirement under this section is guilty of an offence.

: Maximum penalty--1,000 penalty units.