New South Wales Consolidated Acts

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HOME BUILDING ACT 1989 - SECT 103P

Building Insurers' Guarantee Fund

103P Building Insurers' Guarantee Fund

(1) There is established a fund, to be known as the Building Insurers' Guarantee Fund, belonging to the Guarantee Corporation.
(2) The following is to be paid into the Fund--
(a) money required to be paid into the Fund out of the Policyholders Protection Fund in accordance with section 16D of the Insurance Protection Tax Act 2001 ,
(b) the interest and any other amounts from time to time accruing from the investment of the Fund,
(c) money recovered by the Guarantee Corporation under this Part, including money recovered by the Guarantee Corporation by the exercise of a beneficiary's rights assigned to the Guarantee Corporation under this Part,
(d) money borrowed for the purposes of the Fund.
(3) The following is to be paid from the Fund--
(a) money required to be paid from the Fund under Division 2,
(b) payments relating to the costs and expenses of the Guarantee Corporation incurred in or in connection with the exercise of its functions under this Part,
(c) money required to be paid from the Fund into the Policyholders Protection Fund in accordance with section 16F of the Insurance Protection Tax Act 2001 ,
(d) repayments of money borrowed for the purposes of the Fund.
(4) The Guarantee Corporation may invest money in the Fund that is not immediately required for the purposes of the Fund--
(a) if the Guarantee Corporation is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the Guarantee Corporation is permitted to invest money under that Part, or
(b) if the Guarantee Corporation is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Minister with the concurrence of the Treasurer.



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