103FInterpretation

103F Interpretation

103F Interpretation

(1) In this Part—

beneficiary means a person covered by an indemnity from the State under Division 2.

builder means a contractor or supplier (within the meaning of Part 6), an owner-builder or person who does residential building work otherwise than under a contract.

guarantee fund or Fund means the Home Building Insurers Guarantee Fund.

insolvent insurer means an insurer to whom—

(a) an order of the Treasurer in force under section 16A of the Insurance Protection Tax Act 2001 relates, or

(b) an order of the Minister in force under section 103G relates.

insolvent insurer’s policy means a contract of insurance, required under Part 6, that has been entered into by an insolvent insurer, whether before or after the insurer became an insolvent insurer.

insurer—

(a) means a licensed insurer other than the Self Insurance Corporation, but

(b) does not include an insolvent insurer.

liquidator includes a provisional liquidator.

(2) In this Part, a reference to a liquidator or to a provisional liquidator includes a reference to a liquidator or a provisional liquidator appointed outside New South Wales.

(3) So far as the legislative power of Parliament permits, the liquidator of an insolvent insurer has outside New South Wales the functions conferred or imposed on the liquidator by this Part, in addition to having those functions within New South Wales.

(4) This Part has effect despite any provisions of the Corporations (New South Wales) Act 1990 or of the applicable provisions (as defined in that Act) of the State.

s 103F: Ins 2001 No 41, Sch 2 [1]. Am 2010 No 30, Sch 2 [8]; 2011 No 52, Sch 1 [28]; 2016 No 55, Sch 1.13 [1]; 2017 No 28, Sch 1 [47]; 2024 No 53, Sch 2.2[1] [2].