149Closure of Building Insurers’ Guarantee Fund to further claims

149 Closure of Building Insurers’ Guarantee Fund to further claims

149 Closure of Building Insurers’ Guarantee Fund to further claims

(1) A new claim may not be made by a beneficiary under Division 2 of Part 6A of the Act in relation to a matter covered by a former approved insurer as such an insurer.

(2) A claim is a new claim for the purposes of this clause if—

(a) the claim is made on or after the commencement of section 103OA (as inserted by the amending Act), or

(b) the claim is a continuation, or a revival, of a claim made before that commencement that had been previously finalised or withdrawn, or had not been prosecuted by the claimant for a period of not less than 12 months.

(3) This clause does not affect any claim that is not a new claim.

(4) In this clause, former approved insurer has the same meaning as in Part 6A before its amendment by the Better Regulation Legislation Amendment (Miscellaneous) Act 2024.