New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 105S

105S Business plans of licence holders

(1) A licence holder must prepare and deliver to the Authority a business plan for its insurance business under Part 6 or its alternative indemnity product business for cover under Part 6B as soon as practicable after it is requested to do so by the Authority.

(2) The licence holder must revise its business plan--

(a) whenever it departs significantly from its business plan, and

(b) at intervals of not less than 12 months as the Authority directs.

(3) The licence holder must, as far as practicable, conduct its insurance business under Part 6 or its alternative indemnity product business for cover under Part 6B in accordance with its current business plan, but if the holder departs significantly from that plan the holder must notify the Authority accordingly.

(4) A business plan must be prepared in accordance with the Insurance Guidelines.

(5) A business plan must describe the manner in which the licence holder's business for insurance under Part 6 or its alternative indemnity product business for cover under Part 6B is to be conducted (including claims handling, management, expenses and systems).

(6) It is a condition of a licence granted under this Act that a licence holder must comply with this section.