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Home Building Compensation Fund Regulation 

From 1 September 2015, State Insurance Regulatory Authority assumed the regulatory functions of Home Building Compensation Fund.

Contact 

Home Building Compensation Fund Regulation
Tel: 13 32 20
Email: HBCFSecretariat@finance.nsw.gov.au

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State Insurance Regulatory Authority (SIRA) 

SIRA is the new independent regulator of NSW Government insurance schemes with responsibility for the regulatory functions of SafeWork NSW in relation to workers compensation insurance, the Motor Accidents Authority in relation to compulsory third party insurance and home building compensation.

SIRA was established as part of the NSW Government’s workers compensation reform package in September 2015. The State Insurance and Care Governance Act 2015 (commenced on 1 September 2015) allocated the governance and regulatory functions for the Home Building Compensation Fund between the Insurance and Care NSW Board (The icare Board) and the State Insurance Regulatory Authority Board (The SIRA Board).

The SIRA Board 

Following the 1 September 2015 commencement of the State Insurance and Care Governance Act 2015, the governance and regulatory functions for the Home Building Compensation Fund were allocated across the Insurance and Care NSW Board (The icare Board) and the Board of State Insurance Regulatory Authority (The SIRA Board).

The inaugural Board of the State Insurance Regulatory Authority (SIRA) was appointed by NSW Minister for Innovation and Better Regulation Victor Dominello on 20 November 2015. The Minister's media release provides more information.

Role of the SIRA Board 

The Board will be responsible for advising SIRA on establishing a risk based and outcomes focused insurance regulator; approving premium, licensing and policy frameworks for insurance companies; and ensuring effective monitoring of the financial solvency and performance of insurance schemes. 

Board Membership 

The SIRA Board consists of 5 members:

Chairperson

Mr Trevor Matthews

Deputy Chairperson

Ms Nancy Milne, OAM

Board Members:

Dr Abby Bloom

Martin Hoffman, Secretary of DFSI,

Anthony Lean, Chief Executive of SIRA

Data 

 

Data is collected on claims and policies from insurers to monitor the operation of the scheme.

This data is used to produce information to:

  • inform stakeholders and the general public of the financial progress of the scheme
  • assess the affordability and viability of the scheme
  • advise the responsible Minister and the Government on the scheme, including investigation of policy matters (eg. possible changes to the scheme)
  • assist in monitoring an insurer’s compliance with their conditions of approval including compliance with the market practice guidelines and claims handling guidelines.

The data can also be used to produce industry-wide information to assist insurers in managing their business.

Commencing with the March 2007 quarter, information on the operation of the scheme is published below. (Note that before 15 January 2015, the Home Building Compensation Fund was known as the Home Warranty Insurance Scheme).

View or download the scheme report in PDF format:

2016

September 2016 - Home Building Compensation Fund information (size: 762kb)
June 2016 - Home Building Compensation Fund information (size: 741kb)
March 2016 - Home Building Compensation Fund information (size: 662kb)

2015

December 2015 - Home Building Compensation Fund information (size: 709kb)
September 2015 - Home Building Compensation Fund information (size: 657kb)
June 2015 - Home Building Compensation Fund information (size: 713kb)
March 2015 - Home Building Compensation Fund information (size: 686kb)

2014

December 2014 - Home Building Compensation Fund Information (size: 667kb)
September 2014 - Home Building Compensation Fund Information (size: 665kb)
June 2014 - Home Warranty Insurance Scheme Information (size: 656kb)
March 2014 - Home Warranty Insurance Scheme Information (size: 659kb)

2013

December 2013 - Home Warranty Insurance Scheme Information (size: 663kb)
September 2013 - Home Warranty Insurance Scheme Information (size: 658kb)
June 2013 - Home Warranty Insurance Scheme Information (size: 879kb)
March 2013 - Home Warranty Insurance Scheme Information (size: 983kb)

2012

December 2012 - Home Warranty Insurance Scheme Information (size: 667kb)
September 2012 - Home Warranty Insurance Scheme Information (size: 779kb)
June 2012 - Home Warranty Insurance Scheme Information (size: 746kb)
March 2012 - Home Warranty Insurance Scheme Information (size: 1010kb)

2011

December 2011 - Home Warranty Insurance Scheme Information (size: 490kb)
September 2011 - Home Warranty Insurance Scheme Information (size: 485kb)
June 2011 - Home Warranty Insurance Scheme Information (size: 841kb)
March 2011 - Home Warranty Insurance Scheme Information (size: 466kb)

2010

December 2010 - Home Warranty Insurance Scheme Information (size: 859kb)
September 2010 - Home Warranty Insurance Scheme Information (size: 838kb)
June 2010 - Home Warranty Insurance Scheme Information (size: 286kb)
March 2010 - Home Warranty Insurance Scheme Information (size: 383kb)

2009

December 2009 - Home Warranty Insurance Scheme Information (size: 273kb)
September 2009 - Home Warranty Insurance Scheme Information (size: 291kb)
June 2009 - Home Warranty Insurance Scheme Information (size: 306kb)
March 2009 - Home Warranty Insurance Scheme Information (size: 306kb)

2008

December 2008 - Home Warranty Insurance Scheme Information (size: 292kb)
September 2008 - Home Warranty Insurance Scheme Information (size: 286kb)
June 2008 - Home Warranty Insurance Scheme Information (size: 403kb)
March 2008 - Home Warranty Insurance Scheme Information (size: 1006kb)

2007

December 2007 - Home Warranty Insurance Scheme Information (size: 298kb)
September 2007 - Home Warranty Insurance Scheme Information (size: 268kb)
June 2007 - Home Warranty Insurance Scheme Information (size: 302kb)
March 2007 – Home Warranty Insurance Scheme Information (size: 334kb)

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Supplementary reports 

Further information on the operation of the scheme is available. View or download in PDF format:

Industry deed 

The Home Warranty Insurance Industry Deed is an agreement between the Government and the former private insurers approved under the Home Building Act 1989 to provide home warranty insurance in NSW.

The Deed sets out the Government’s commitment to consult with insurers on any changes to the home warranty insurance scheme such as changes to the legislation and the market practice and claims handling guidelines required to be complied with by insurers as part their conditions of approval.

In turn, the insurers have made commitments related to maintaining systems and processes; portfolio transfers and assigning liabilities.

All private insurers who were approved to provide home warranty insurance in NSW are signatories to the agreement.

The Deed's development was overseen by the Home Building Compensation Fund Board and commenced on 30 December 2005.

View or download the Home warranty insurance Industry Deed in PDF format (size: 97kb)

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