12AHome Building Compensation Fund

12A Home Building Compensation Fund

12A Home Building Compensation Fund

(1) There is to be established in the Special Deposits Account a Home Building Compensation Fund (the Fund).

(2) The following are to be paid into the Fund—

(a) all money received by the Self Insurance Corporation as insurance premiums for insurance under Part 6 of the Home Building Act 1989 that it provides,

(b) all money received by the Self Insurance Corporation from re-insurers in connection with insurance under Part 6 of the Home Building Act 1989 that it provides,

(c) all money recovered by the Self Insurance Corporation by the exercise of any right of subrogation or other right of recovery in connection with insurance under Part 6 of the Home Building Act 1989 that it provides,

(d) all money received under any security, guarantee or recourse held by the Self Insurance Corporation in respect of any policies for insurance under Part 6 of the Home Building Act 1989 that it has issued,

(e) all money advanced to the Fund by the Minister or appropriated by Parliament for the purposes of the Fund,

(f) the proceeds of the investment of money in the Fund,

(g) all money directed or authorised to be paid into the Fund by or under this or any other Act.

(2A) (Repealed)

(3) Money may be paid from the Fund for any of the following purposes—

(a) the payment of claims made under any insurance under Part 6 of the Home Building Act 1989 provided by the Self Insurance Corporation,

(b) the payment of the costs (including disbursements and commissions) of risk management, actuarial, agency, brokerage, legal and other services provided in connection with the administration of the insurance business under that Act of the Self Insurance Corporation,

(c) the payment of amounts required to meet administrative expenses in relation to the Fund,