Queensland Consolidated Acts Queensland Consolidated Acts(1) For residential construction work, the authority must state the insurance premium payable, or the way it is calculated, in the gazette.
(2) Before stating the premium, or the way it is calculated, the authority must--
(a) have regard to the authority's obligation under section 26A; and
(b) ensure insurance premiums are sufficient to meet the costs mentioned in section 26(3); and
(c) have regard to any regulation made under section 26(4); and
(d) obtain the Minister's approval.
(3) The authority must review premiums payable at least once every 12 months.
(4) A regulation may prescribe the way the value of residential construction work is calculated for stating the insurance premium payable.
(5) Subsection (6) applies if a principal engages a construction manager under a construction management contract for the carrying out of residential construction work.
(6) For calculating the insurance premium payable by the construction manager, the amount paid by the principal to the construction manager under the contract must be added to the value of the residential construction work.