New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2014 - REG 62ZZJ

62ZZJ Circumstances in which provider of fidelity fund scheme taken to be insolvent

(1) The Minister may, with the approval of the Treasurer, by order published in the Gazette, declare that a provider that is a fidelity fund scheme is insolvent if the Minister is satisfied that--

(a) a liquidator or provisional liquidator has been appointed in respect of the provider, or

(b) the provider has been dissolved, or

(c) there are insufficient funds in the fidelity fund scheme to meet any claims.

(2) For the purposes of section 104D (2) of the Act, the provider of a fidelity fund is taken to be insolvent for the purposes of Part 6A of the Act if--

(a) the Minister has made an order under subclause (1) in respect of the provider, or

(b) the Treasurer has made an under section 16A of the Insurance Protection Tax Act 2001 in respect of the provider.