New South Wales Consolidated Regulations

STRATA SCHEMES MANAGEMENT REGULATION 2016 - REG 55C

55C Certificate of currency for decennial insurance to be given to Secretary before application for occupation certificate is made

(1) For the Act, section 211AI(b), the developer of a strata scheme must, before an application is made for an occupation certificate under the Environmental Planning and Assessment Act 1979 for building work to which the Act, Part 11 applies, give the Secretary, in the way specified by the Secretary, a copy of a certificate of currency for the decennial insurance for the building work.

(2) Subclause (1) does not apply if the developer has given the Secretary a building bond under the Act, section 207.

(3) The copy of a certificate of currency for the decennial insurance must show the following--

(a) the name of the issuer,

(b) the name of the insured,

(c) the amount covered by the policy,

(d) the terms and conditions of the insurance policy, including the building work covered by the policy and the commencement date of the policy,

(e) the amount of the premium deposit,

(f) confirmation that the premium deposit has been paid.

(4) A developer must not fail to comply with this clause.

: Maximum penalty--

(a) 200 penalty units, and

(b) for a continuing offence--50 penalty units for each day the offence continues.