12CConstruction Risks Insurance Fund

12C Construction Risks Insurance Fund

12C Construction Risks Insurance Fund

(1) There is to be established in the Special Deposits Account a Construction Risks Insurance 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 principal arranged construction insurance that it provides,

(b) all money received by the Self Insurance Corporation from re-insurers in connection with principal arranged construction insurance 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 principal arranged construction insurance 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 principal arranged construction insurance that it has issued,

(e) all money transferred to the Fund from the Self Insurance Fund,

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

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

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

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

(a) the payment of claims made under any principal arranged construction insurance 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 principal arranged construction insurance business of the Self Insurance Corporation,

(b1) the payment of costs incurred by or on behalf of a NSW Government agency in providing services for or in connection with the principal arranged construction insurance business of the Self Insurance Corporation,

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