(1) This section applies if—
(a) a court gives judgment in favour of a person in relation to a matter for which the person is insured under a complying residential building insurance policy; and
(b) the insurer is a party to the proceeding in which the judgment is given; and
(c) the judgment is not satisfied in full within 30 days after the day judgment is entered.
(2) The judgment creditor may apply to the court for a direction that judgment be entered in favour of the creditor against the authorised insurer who issued the policy.
(3) The judgment creditor must give the insurer at least 7 days written notice of his or her intention to make an application.
(4) A judgment entered against an authorised insurer is enforceable only to the extent that it had not been satisfied at the time the judgment was entered.
(5) An authorised insurer may, in addition to any other right or remedy, recover from a builder in relation to whose work a complying residential building insurance policy was issued so much of the following as the insurer has paid under or because of the policy:
(a) any judgment entered or obtained against the insurer; and
(b) any amounts paid by the insurer in payment, settlement or compromise of a claim or judgment against the builder or of a judgment entered or obtained against the insurer; and
(c) the costs of, and expenses reasonably incurred by, the insurer.