New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 104C

104C Regulation of alternative indemnity cover

(1) Regulations may be made for or with respect to the following--

(a) the information required to be provided to the provider of an alternative indemnity product by the person to whom the cover is provided,

(b) the loss to be covered by alternative indemnity products,

(c) the period of cover to be provided by an alternative indemnity product,

(d) limits on claims generally,

(e) the determination of and rejection of premiums or equivalent charges payable for cover by an alternative indemnity product,

(f) actuarial or auditing requirements for providers of alternative indemnity products,

(g) the disclosure of data and other information by or to, or about, providers or former providers of alternative indemnity products,

(h) prohibiting false or misleading conduct by providers of alternative indemnity products and persons who arrange cover under any such products,

(i) provision for dealing with arrangements made for alternative indemnity product cover if the provider's licence is cancelled,

(j) contributions to the Home Building Operational Fund by licensed providers of alternative indemnity products.

(2) For the purposes of providing for a matter for which regulations may be made under this Part, the regulations may--

(a) apply provisions of this Act (including relevant offences) that apply to or in respect of contracts of insurance or insurance under Part 6, with necessary modifications, to or in respect of alternative indemnity products, and

(b) apply provisions of this Act (including relevant offences) that apply to or in respect of insurers or former insurers, with necessary modifications, to or in respect of providers or former providers of alternative indemnity products.