Queensland Consolidated Acts

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION ACT 1991 - SECT 26

26 Insurance Fund

(1) A fund called the Insurance Fund is established.

(2) The fund consists of—

(a) the balance of the Builders’ Registration Board Insurance Fund as at the commencement of this section; and

(b) all money received or recovered by the commission in connection with the statutory insurance scheme; and

(c) all amounts transferred from the General Statutory Fund under section 25 .

(3) The following amounts are to be paid from the fund—

(a) the costs of administering the statutory insurance scheme;

(b) the costs of paying out claims under the statutory insurance scheme.

(4) A regulation may require the fund to be managed—

(a) in the way prescribed under a regulation; or

(b) in accordance with an external standard of fund administration prescribed under a regulation.